GENIUS Stablecoin Bill Advances in USA Senate
The U.S. Senate voted 68–30 to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, more than a month after its introduction.
From the Senate floor, Majority Leader John Thune encouraged support for the bill, aligning with President Donald Trump’s stance on digital assets. He stated the legislation could help establish the U.S. as the “crypto capital of the world.” The cloture vote, which included support from several Democrats, moves the bill toward a full Senate debate and possible vote before heading to the House of Representatives.
“We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” Thune said.
He also noted that Congress had more to address regarding digital assets, referencing another proposed bill, the CLARITY Act, which passed committee stages in the House and may soon be up for a full vote.
However, Senator Elizabeth Warren criticized the GENIUS Act for lacking votes on certain bipartisan amendments and pointed to ethical concerns related to Trump’s crypto involvement through World Liberty Financial. She claimed the platform allowed for trading of political influence in exchange for financial contributions.
“Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons, and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires, and from large corporations,” she said, adding:
“By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion.” She also warned the bill lacks strong consumer protections and poses risks to national security and financial stability.
Despite Democratic concerns, some members still pushed for further amendments. Whether the bill can pass both chambers remains uncertain, especially given the slim Republican majority in the Senate.
After a previous failed cloture vote in May, Trump’s advisor David Sacks had expressed confidence in the bill’s bipartisan prospects. Meanwhile, the House continues deliberations on a related measure, the STABLE Act.
Sources:
https://cointelegraph.com/news/us-senate-passes-cloture-genius-stablecoin-bill