U.S. Senate Set to Vote on Landmark Stablecoin Legislation This Month
A major piece of legislation aimed at regulating stablecoins may finally be heading to a vote in the U.S. Senate before the end of May, according to sources familiar with internal discussions.
Politico reports that Senate Majority Leader John Thune has privately informed Republican colleagues that the chamber could take up the long-anticipated legislation—known as the GENIUS Act—before Memorial Day.
The bill, formally titled the “Guiding and Establishing National Innovation for US Stablecoins Act,” aims to lay out clear rules for digital dollar-pegged tokens like USDT and USDC.
The legislation is expected to draw backing from both sides of the aisle, with multiple Democrats already supporting it at the committee level. If passed, it would mark a significant milestone for the crypto industry, which has long sought regulatory certainty in the U.S.
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Senator Cynthia Lummis, one of the most prominent crypto advocates in Congress, appeared to confirm the bill’s momentum by sharing the news on X. Lummis has recently criticized the Federal Reserve’s wavering stance on digital assets and continues to call for a clearer regulatory framework.
The outcome of this vote will be especially relevant for top stablecoin issuers. Tether, the company behind USDT, is reportedly preparing to introduce a U.S.-focused version of its stablecoin and is closely watching the regulatory landscape. CEO Paolo Ardoino has indicated that the company’s next move depends on how these new rules shape up.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
