US Senate votes 68–30 to move the GENIUS Act forward, a bill to regulate stablecoins

The U.S. Senate took a major step toward regulating stablecoins on Wednesday, voting 68 to 30 to end debate on the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act. That procedural move, known as invoking cloture, clears the way for an imminent final vote.

Cloture is a key step in the Senate’s process. By invoking cloture, lawmakers limit further debate and prepare to move directly to a final vote on the bill.

Senate Banking Committee Chair Tim Scott, R-S.C., who helped craft the legislation, hailed the vote as a victory for both innovation and national security. Speaking on the Senate floor before 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.”

The bill’s Senate lead sponsor, Senator Bill Hagerty, said on the floor that the legislation “takes a common-sense, bipartisan approach to regulating stablecoins,” as Politico reported.

Several democrats opposed the bill

A handful of Democrats, including Minority Leader Chuck Schumer of New York, Senator Amy Klobuchar of Minnesota and Senator Elizabeth Warren of Massachusetts, opposed the bill. Others, such as Senator Ruben Gallego of Arizona, joined Republicans in supporting it.

Majority Leader John Thune (R-S.D.) said on the floor that “it’s time to move forward and pass this legislation.” He further added that stablecoins actually protect the US national security against threats.

Under the GENIUS Act, stablecoins would have to be fully backed by U.S. dollars or comparably liquid assets. Issuers with more than $50 billion in market value would face annual independent audits. The bill would also tighten rules on stablecoins issued abroad.

On Monday, President Donald Trump’s advisers signaled their support. In a statement of administration policy, they said, “If S. 1582 were presented to the President in its current form, his senior advisors would recommend that he sign it into law.” Trump has publicly expressed a desire to have stablecoin legislation on his desk before August.

With cloture secured, Senate leaders aim to hold the final vote on Monday, unless they agree to speed up or extend debate.

If the Senate approves the GENIUS Act, its journey will move to the House of Representatives, where lawmakers have already advanced their own proposal. In May, the House Financial Services Committee approved the Stablecoin Transparency and Accountability for a Better Ledger Economy Act by a vote of 32 to 17. That bill has yet to reach the full House floor.

Senate and House versions differ on how to split oversight between federal and state regulators, and on how to handle major foreign issuers like Tether. Lawmakers from both chambers will need to work out those details in a conference before sending a unified bill to the president.

An initial cloture attempt failed in May

This is not the first time the Senate has sought to end debate on the GENIUS Act. In May, an initial cloture attempt failed to attract any Democratic votes. A week later, the Senate tried again and passed cloture by 66 to 32.

Opponents have raised several objections over time, including concerns about foreign-issued stablecoins, anti–money laundering standards, and the possibility of large corporations issuing their own tokens. Some critics have also pointed to President Trump’s growing ties to crypto ventures—one of which recently launched its own stablecoin.

Trump and his family have been active in digital assets. They issued memecoins shortly before his 2025 inauguration. His affiliated firm, World Liberty Financial, rolled out a new stablecoin this year, and Trump Media has discussed building a multibillion-dollar Bitcoin reserve.

Those developments have fueled debate about whether a stablecoin bill should stand alone or be combined with broader crypto market reforms. On Tuesday evening, the House Financial Services Committee approved a wider crypto market structure bill by a vote of 32 to 19. Democrats on that panel proposed numerous amendments aimed at curbing conflicts of interest tied to the president. Earlier the same day, the House Agriculture Committee gave its nod to the measure by a vote of 47 to 6.

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