The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025 saw significant progress today, May 20, 2025. The U.S. Senate advanced the bill with a key procedural vote, passing 66-32 to limit debate, allowing it to move toward final passage. This follows a failed attempt earlier in May when the bill fell short of the 60 votes needed due to Democratic concerns, particularly over potential conflicts of interest tied to President Donald Trump’s family crypto ventures, including the USD1 stablecoin. After negotiations, revisions to the bill’s text secured support from some Democratic holdouts, notably Sen. Mark Warner (D-VA), who called it a “meaningful step forward” for regulating the $250 billion stablecoin market.However, opposition persists. Progressive groups like Americans for Financial Reform and Democracy Defenders Action, along with Sen. Elizabeth Warren (D-MA), argue the bill could enable corruption and give Big Tech excessive economic power by allowing companies like Amazon or Meta to issue stablecoins. Critics also highlight national security risks, citing crypto’s use in illicit financing. Despite this, proponents, including Sen. Bill Hagerty (R-TN), emphasize the bill’s consumer protections, such as 1:1 reserve requirements, transparency mandates, and anti-money laundering compliance, positioning it as a step toward U.S. leadership in digital finance.The Senate is poised to continue debate, with a potential final vote before Memorial Day. The bill’s bipartisan support, backed by Sens. Tim Scott (R-SC), Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and others, suggests a strong chance of passage, though amendments addressing Democratic concerns may still be proposed.

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