According to BlockBeats, Senate Majority Leader John Thune has initiated a motion to end debate on the GENIUS Act, formally known as the 2025 Stablecoin Innovation Act. A crucial procedural vote is scheduled for Thursday. The bill, led by Bill Hagerty, mandates that stablecoins be fully backed by liquid assets such as the U.S. dollar or short-term treasury bonds. To pass, the bill requires 60 votes, with the current Senate composition being 53 Republicans and 47 Democrats, necessitating support from at least seven Democrats.
On the Democratic side, nine senators, including Ruben Gallego, have co-signed opposition to the current version, calling for stricter regulations on foreign issuers and enhanced anti-money laundering provisions. Senator Richard Blumenthal has sent an inquiry to World Liberty Financial, a crypto company linked to U.S. President Donald Trump, to investigate potential conflicts of interest. Meanwhile, Republican Senator Rand Paul has criticized the bill for excessive regulation of stablecoins, while Senator Josh Hawley has expressed concerns about tech giants potentially issuing stablecoins.
The vote comes amid ongoing controversies surrounding the Trump family's crypto interests, with Democrats continuing to press for an assessment of how the President's business dealings might influence policy. If passed, the bill would establish the first federal regulatory framework for stablecoins in the United States.