The U.S. Senate has voted to advance the GENIUS Act, the country’s first stablecoin legislation.
As Bloomberg News reported, the bipartisan vote on Monday (May 19) came two weeks after the Senate’s Democrats joined forces to block the legislation. The bill is now due to be debated on the Senate floor in hopes of passage later this week.
Democrats had filibustered the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act earlier this month, in part because of their opposition to President Donald Trump’s involvement in the cryptocurrency sector.
However, the report added, the Senate voted 66-32 Monday evening to end the filibuster. A group of crypto-friendly Democrats had negotiated changes to the legislation and pushed their colleagues to back it, even without a ban on Trump benefiting from his family’s multiple crypto ventures while in office.
Senator Mark Warner (D-VA) said those concerns shouldn’t hinder the legislation, calling the bill “not perfect” but “far better than the status quo.”
Progressive Democrats such as Sen. Elizabeth Warren of Massachusetts remain opposed, with Bloomberg noting that Warren and pro-crypto Sen. Kirsten Gillibrand of New York had a “heated argument” on the Senate floor Monday evening.
“Passing this bill means that we can expect more anonymous buyers, big companies and foreign governments to use the president’s stablecoin as both a shadowy bank account shielded from government oversight and as a way to pay off the president personally,” said Warren. “For crooks, it’s a two-for-one.”
A separate report by NBC News said the vote came after Senators agreed late last week on an amendment to the bill that addressed important Democratic sticking points.
The amendment, obtained by NBC News, includes new changes to consumer protection rules and limits for tech companies issuing stablecoins. Such a provision could apply to companies such as Meta, which is reportedly considering using stablecoins for cross-border payments.
It would also apply ethics standards to special government employees, including Elon Musk and tech entrepreneur David Sacks, the NBC report said.
As PYMNTS wrote last week, the debate around the bill comes amid “widespread recognition in Washington that stablecoins are too big to ignore.”
“With over $230 billion in circulation and growing integration into global payments systems, these digital tokens are quickly becoming a cornerstone of modern finance,” that report said. “Policymakers face the dual challenge of fostering innovation while protecting consumers and national security.”
