The US Senate is getting ready for an important vote on the GENIUS Act this Wednesday, June 11, marking a big second for the $250 billion stablecoin market. This invoice, also called the Guiding and Establishing Nationwide Innovation for U.S. Stablecoins Act, goals to introduce a complete regulatory framework for stablecoins, notably these pegged to the U.S. greenback.
The upcoming vote follows a earlier procedural vote on Might 20, the place lawmakers supported advancing the invoice by a 66-32 margin. This vote paved the way in which for additional debate and highlighted bipartisan assist for stablecoin regulation.
Cloture Vote Clears Path for GENIUS Act
Senate Majority Chief John Thune has filed a cloture movement, which can permit the invoice to maneuver ahead to a full vote. The cloture vote, a procedural mechanism to restrict debate, was filed on Monday, and the Senate is ready to vote on the invoice this Wednesday.
The GENIUS Act, if handed, would be the first U.S. legislation to comprehensively regulate stablecoins. With cryptocurrency curiosity surging, the laws is seen as important in sustaining U.S. greenback dominance within the crypto area.
Bipartisan assist has performed a crucial function in shifting the GENIUS Act by means of the Senate. Regardless of preliminary opposition from some Democratic members, the invoice gained momentum in latest weeks.
The newest vote noticed 16 Democrats be part of Republicans to advance the invoice, signaling a shift within the political panorama. The invoice’s passage may set up clear tips for stablecoin issuers, making certain that they’re totally backed by U.S. {dollars} or comparable property.
US Senate set for GENIUS stablecoin invoice vote this Wednesday: Bloomberg https://t.co/pdqbslSAha
— The Block (@TheBlock__) June 10, 2025
Key Provisions of the GENIUS Act
As soon as handed, the GENIUS Act would require stablecoin issuers to carry 100% backing in U.S. {dollars} or extremely liquid property. Issuers with market capitalizations over $50 billion shall be topic to annual audits to make sure compliance.
Moreover, the invoice will impose laws on international stablecoin issuers, demanding that they’ve the capability to adjust to U.S. authorized orders, reminiscent of freezing felony property.
Crypto advocates have praised the invoice’s progress, calling it a possible turning level for the business. Bitwise CIO Matt Hougan famous that the invoice’s passage may symbolize the primary main piece of crypto laws within the U.S., probably shaping the way forward for digital currencies and blockchain-based funds.
The present debate in regards to the vote says that it’s wanted to supply safety and management to the stablecoin market, which has superior quickly and performed an vital function in crypto.