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