The U.S. Stablecoin Bill GENIUS Unexpectedly Overcomes Procedural Hurdles and May Soon Pass the Senate

Just under two weeks after being rejected, the U.S. stablecoin bill, the GENIUS Act, unexpectedly passed a key procedural vote in the Senate on May 19, and is expected to receive formal approval in the coming days.

Several Democratic senators who previously opposed the bill have now switched to support it, including Ruben Gallego, Mark Warner, Lisa Blunt Rochester, Kirsten Gillibrand, and Angela Alsobrooks. The bill received more than 60 votes in favor and is set for a comprehensive vote as early as today.

If passed by the House of Representatives and signed by President Donald Trump, the bill will establish a legal framework for U.S. stablecoins, potentially attracting billions of dollars of Wall Street capital into the crypto market.

The “revival” of the GENIUS Act is attributed to last-minute political compromises between the two parties and strong lobbying efforts by the crypto industry led by Coinbase.