Progression of GENIUS Stablecoin Legislation to Further Voting Round

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, aimed at regulating the $248 billion stablecoin market, has passed a critical Senate vote by 66-32, overcoming a previously blocked procedural hurdle. The legislation, introduced by Senator Bill Hagerty, mandates that stablecoins be fully backed, regularly audited for security, and approved by federal or state regulators.

It also restricts issuance to licensed entities and imposes limitations on algorithmic stablecoins and those without full backing. Despite initial resistance due to conflict with President Trump's crypto investments and anti-money laundering concerns, the revised bill has bipartisan support.

The legislation now moves to the Senate floor for formal debate, where amendments may be proposed and concerns expressed. Senator Cynthia Lummis hopes to complete this process by Memorial Day.