GENIUS Act Clears Key Senate Hurdle, Sets Up Next Week’s Stablecoin Vote

The U.S. Senate advanced the GENIUS Act, a bipartisan bill to regulate stablecoins, toward a final vote next week, with Trump’s backing and divided Democratic support.

Senate Advances Stablecoin Bill With Cloture Vote

The United States Senate took a significant step forward on Wednesday in the effort to regulate stablecoin payments, voting decisively to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS). The bill, which proposes establishing a regulatory framework for dollar-pegged cryptocurrencies used for payments, has cleared a procedural hurdle, positioning it for a final vote as early as next week.

In a 68-30 vote, the Senate moved to invoke cloture on the GENIUS Act — a procedural action that limits further debate and allows legislation to proceed to a final vote. Unless Senate leadership reaches a time agreement to expedite proceedings, the bill is now scheduled for a final vote on Monday.

Bipartisan Efforts and White House Support

The bipartisan backing was evident, with eighteen Democrats joining most Republicans to support advancing the bill. Notably, Senators John Hickenlooper of Colorado and Andy Kim of New Jersey voted in favor.

Senate Banking Committee Chair Tim Scott, a Republican from South Carolina and one of the bill's lead sponsors, hailed the vote as a major victory for both innovation and national security. Ahead of the vote, Scott said,

“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."

Divided Democratic Vote

Despite bipartisan cooperation, divisions remain within the Democratic caucus. Senate Minority Leader Chuck Schumer, alongside Senators Amy Klobuchar and Elizabeth Warren, opposed the bill, reflecting ongoing concerns over aspects of the proposed regulatory structure. Sen. Lisa Blunt Rochester of Delaware, who had previously backed the legislation, switched to oppose it, citing concerns over the lack of an open amendment process.

Blunt Rochester commented,

“I was really clear. I hoped that there would be an open amendment process, and that’s what I heard Leader Thune say around last month, so I will take a look at this language, and we’ll make a decision from there.”

Meanwhile, Senators such as Ruben Gallego of Arizona crossed party lines to vote in support.

House Outlook and Political Dynamics

While the bill is now positioned for likely Senate approval, its future in the House of Representatives remains less certain. The House Financial Services Committee advanced its own stablecoin legislation, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, earlier this year, passing it out of committee with a 32-17 vote in May.

Adding to the political momentum, President Donald Trump’s administration endorsed the GENIUS Act earlier this week. In a formal policy statement issued Monday, the White House indicated that senior advisors would recommend the President sign the bill if it reaches his desk

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice