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U.S. Senate voted 68–30 to advance the GENIUS Act, bringing it close to final passage
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The bill mandates full backing of stablecoins by U.S. dollars or liquid assets
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Requires audits for issuers with over $50 billion in market cap
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Faces uncertainty in the House as competing legislation remains in play
Senate Vote Clears Key Hurdle for Stablecoin Regulation
The U.S. Senate has moved a step closer to passing comprehensive stablecoin legislation. By invoking cloture on the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), the Senate set the stage for a final vote as soon as Monday. The procedural move indicates strong bipartisan momentum behind the bill, though key Democrats like Chuck Schumer and Elizabeth Warren voted against it.
Bill Provisions Aim to Strengthen Trust in Stablecoins
The GENIUS Act would require that all stablecoins be fully backed by U.S. dollars or similarly liquid assets. It also mandates annual audits for issuers holding more than $50 billion in market capitalization. The legislation includes specific language addressing foreign issuers such as Tether, aiming to ensure consistent oversight across both domestic and international players.
Trump Administration Voices Support
President Trump’s administration formally endorsed the bill, signaling that if it reaches his desk, he is expected to sign it. Trump has taken an increasingly pro-crypto stance, and his administration is pushing for legislation that legitimizes U.S.-backed stablecoins.
House Remains a Wild Card
Although the Senate is advancing GENIUS, the House of Representatives has proposed a competing bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act. With differences in federal versus state regulation and handling of foreign issuers, lawmakers from both chambers must now negotiate a unified bill.
