US Senate Advances ‘GENIUS Act’ for Crypto Stablecoin Regulation
A significant step towards regulating stablecoins was taken in the U.S. Senate, as lawmakers voted 68 to 30 to move forward with relevant legislation.
The Senate’s decision on Wednesday to invoke cloture on the “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” or GENIUS, signals an imminent final vote on the measure. Cloture is a procedural mechanism designed to accelerate debate and bring a bill to a vote.
Addressing his colleagues on the Senate floor prior to the vote, Senator Tim Scott, a Republican from South Carolina remarked, “Let me be clear, this did not happen by accident. It happened because we led. To those who said Washington could not act, to those who doubted bipartisanship — let’s prove them wrong.”
The vote saw a split among Democrats, with notable figures like Senate Minority Leader Chuck Schumer of New York, Amy Klobuchar of Minnesota, and Elizabeth Warren of Massachusetts casting no votes. Conversely, some Democrats, including Senator Ruben Gallego of Arizona, supported the bill. Central to the Senate’s proposal are provisions requiring stablecoins to be entirely backed by U.S. dollars or similarly liquid assets, alongside annual audit requirements for issuers with a market capitalization exceeding $50 billion.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
