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 Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
