Catenaa, Wednesday, May 21, 2025- The Senate’s long-stalled stablecoin legislation, known as the GENIUS Act, surged back to life Monday evening, clearing a critical procedural vote and setting the stage for a full floor.
The bill, which would create a federal framework for issuing stablecoins, passed the 60-vote threshold needed for cloture after several key Democrats reversed their earlier opposition.
Senators Kirsten Gillibrand of New York, Angela Alsobrooks of Maryland, Mark Warner of Virginia, Lisa Blunt Rochester of Pennsylvania, and Ruben Gallego of Arizona all threw their support behind the measure.
Less than two weeks ago, the bill faltered in the same vote, blocked by growing concerns among Democrats over President Donald Trump’s perceived conflicts of interest in the crypto sector. While the revised draft still permits the president and vice president to launch stablecoins, it bars other senior executive officials from doing so.
The bill also includes new provisions aimed at curbing Big Tech involvement, banning firms from issuing stablecoins if they monetize sensitive user financial data without explicit consent.
Industry lobbying played a decisive role in reviving the GENIUS Act.
Coinbase, one of the largest US crypto firms, ramped up public pressure in recent days.
CEO Brian Armstrong urged swift passage, and the firm mobilized users and warned lawmakers of potential consequences through its Stand With Crypto initiative.
If passed by the Senate and House, the bill would head to President Trump’s desk, potentially unlocking billions in institutional investment into digital assets.
