Senate Is Voting Wednesday on GENIUS Act to Regulate Stablecoins
Senate Majority Leader John Thune has launched a procedural vote on the GENIUS Act, Bloomberg reported Monday.
The bill—formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act—aims to create clear rules for stablecoin oversight.
Thune filed cloture to push the legislation forward, including its bipartisan amendment, according to an official post from the Senate Republican Cloakroom.
Lawmakers Prepare for Crucial 60-Vote Threshold
In a prior session, the Senate voted 66-32 to invoke cloture on the bill, signaling strong bipartisan support. Wednesday’s vote now requires 60 votes to advance.
If successful, the legislation could move quickly toward final approval. The crypto industry welcomed last month’s vote as a milestone in digital asset regulation.
Dollar-Backed Stablecoins and Issuer Oversight
Under the GENIUS Act, stablecoins must be backed one-to-one by U.S. dollars or similarly liquid reserves. The law also imposes annual audit requirements for issuers with valuations over $50 billion.
Industry leaders say the bill strengthens dollar-backed digital assets while securing the U.S. lead in global finance.
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