10.06.2025 00:22

The Senate is poised to pass the GENIUS Act, a landmark bill establishing the first-ever comprehensive federal framework for stablecoin regulation in the United States, potentially as early as Wednesday, June 11th. This significant development follows Senate Majority Whip John Thune's filing of cloture on Amendment #2307, a crucial bipartisan substitute to the original bill (S.1582). This procedural maneuver initiates a 30-hour debate period, paving the way for a final vote.


Senate sources, speaking to internet sources, suggest a Wednesday vote is highly probable, provided no unforeseen procedural obstacles arise. The cloture filing marks the culmination of the Senate's efforts to advance the GENIUS Act, triggering a countdown to the crucial vote. Reaching the 60 votes needed to overcome a filibuster remains a critical hurdle before final passage can occur.


This bipartisan achievement reflects substantial collaboration among Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen. The Hagerty amendment (#2307), a key component of this process, incorporates compromises designed to garner broad support from both sides of the aisle, addressing concerns from both the banking industry and digital asset companies.


Specifically, Amendment #2307 significantly alters the bill's original structure, notably in addressing the balance of federal and state regulatory oversight. For example, it carves out an exception for stablecoin issuers with less than $10 billion in assets. This carefully negotiated compromise reflects the intricate complexities and diverse viewpoints involved in regulating the burgeoning digital asset market.