Catenaa, Thursday, June 12, 2025-The US Senate voted 68-30 on Wednesday to invoke cloture on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, moving the legislation closer to final passage early next week.
The bill would require all stablecoins to be fully backed by US dollars or similarly liquid assets.
Issuers with a market capitalization exceeding $50 billion would also face mandatory annual audits. The legislation includes provisions to regulate foreign issuers and enforce transparency in the sector.
Republican Senator Tim Scott, the co-author of the bill, hailed the vote as a milestone for innovation and national security, emphasizing the bipartisan groundwork behind the measure.
However, a handful of Democrats, including Senate Minority Leader Chuck Schumer, opposed the bill, others such as Sen. Ruben Gallego, D-Ariz., backed it.
President Donald Trump’s administration voiced strong support for the legislation.
A policy statement released Monday said senior advisors would urge the president to sign the bill if passed in its current form.
Trump has publicly called for stablecoin legislation to reach his desk before the August recess.
The GENIUS Act’s fate in the House remains uncertain. The House Financial Services Committee previously approved a separate stablecoin proposal titled the Stablecoin Transparency and Accountability for a Better Ledger Economy Act. This differs in how it treats state and foreign issuers.
Tensions over Trump’s crypto ties and provisions concerning anti-money laundering and corporate issuance continue to divide lawmakers.
Discussions are ongoing over whether to merge stablecoin regulation with broader crypto market legislation recently advanced by key House committees.
