Key Points:
U.S. Senate advances GENIUS Act with a 68–30 vote, moving it to full debate.
Bill aims to establish stablecoin regulations and support U.S. crypto innovation.
Opposition centers around concerns over Trump-linked crypto platforms and loopholes.
The U.S. Senate has voted 68–30 to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), pushing the landmark stablecoin bill one step closer to becoming law. The vote clears the way for full Senate debate, followed by potential passage and consideration in the House of Representatives.
Introduced earlier this year, the GENIUS Act is designed to create a federal framework for stablecoins, aiming to strengthen the United States' position as a global leader in digital asset innovation.
Senate leadership backs stablecoin regulation push
Senate Majority Leader John Thune, speaking on the Senate floor Wednesday, urged bipartisan support for the bill. He echoed U.S. President Donald Trump’s policy stance, emphasizing that the GENIUS Act could help the U.S. become the “crypto capital of the world.”
“We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” Thune said.
The Senate vote to invoke cloture ensures that the bill will move forward to debate. If passed, it will proceed to the House, where it could be aligned with the CLARITY Act, a broader crypto market structure bill currently advancing through House committees.
Opposition focuses on Trump ties and regulatory gaps
Massachusetts Senator Elizabeth Warren voiced strong opposition, warning that the bill contains loopholes and insufficient protections for consumers and financial markets.
Warren also raised ethical concerns about former President Trump’s connection to World Liberty Financial, a crypto platform reportedly backed by members of his family. She accused Trump of using the platform and his associated memecoin to trade access and political favors for money and influence.
“By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,” Warren stated.
She also criticized the Senate for not voting on key bipartisan amendments that could have strengthened the bill’s safeguards.
What’s next for the GENIUS Act?
With full Senate debate expected in the coming days, the GENIUS Act marks a pivotal moment in U.S. digital asset regulation. If passed, it would become the country’s first stablecoin-specific legislation, offering clearer rules for issuers and financial institutions.
However, with continued political divisions and controversy over Trump’s crypto involvement, the bill’s final outcome remains uncertain.