11.06.2025 20:52
The U.S. Senate overwhelmingly advanced the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), a significant step toward regulating the burgeoning stablecoin market. With a commanding 68-30 vote to end debate – a procedural maneuver known as invoking cloture – the Senate cleared the path for a final vote on the bill, signaling a potential landmark shift in digital asset regulation. This decisive action reflects a bipartisan consensus on the urgency of addressing the regulatory landscape surrounding stablecoins.
Championed by Senator Tim Scott, the bill's progress was lauded as a testament to collaborative leadership, defying predictions of legislative gridlock. Scott's celebratory remarks emphasized the achievement as a victory not only for fostering innovation but also for bolstering national security. This success, he stressed, directly resulted from proactive leadership and a commitment to bipartisan cooperation, directly challenging the skeptics who doubted Washington's capacity for effective action on this issue.
Senator Bill Hagerty, the bill's lead sponsor, described the GENIUS Act as a practical, bipartisan approach to stablecoin regulation, a characterization echoed by some media outlets. However, the bipartisan support wasn't unanimous. While many Democrats joined Republicans in backing the bill, notable dissent emerged from prominent figures including Minority Leader Chuck Schumer, Senator Amy Klobuchar, and Senator Elizabeth Warren. Their opposition highlights the ongoing debate surrounding the optimal approach to regulating this rapidly evolving financial technology. Despite this opposition, the momentum behind the bill remained strong, with Majority Leader John Thune urging swift passage, emphasizing stablecoins' crucial role in safeguarding U.S. national security.
The GENIUS Act's core provisions include stringent requirements for stablecoin backing, mandating full reserves in U.S. dollars or equivalent liquid assets. Furthermore, issuers exceeding a $50 billion market capitalization would face rigorous annual independent audits. International issuers will also find themselves subject to tighter regulations under this legislation. Even before the Senate vote, the bill had already garnered considerable support, with advisors to former President Donald Trump signaling their endorsement prior to the Monday preceding the Senate vote. The bill's next step is the final Senate vote, promising significant changes to the landscape of digital currency regulation.
