#stablecoin U.S. Senate advances GENIUS Act in major step toward stablecoin regulation The U.S. Senate voted on Monday, May 19, to move forward with the GENIUS Act, a landmark bill that would create a regulatory framework for stablecoins.

According to the results published on the Senate’s website, the bill passed by a 66-32 vote, meaning it will move to the next stage. The bipartisan vote cleared the cloture hurdle, a procedural move that allows the bill to advance to full debate and potential amendments on the Senate floor.

The bill, introduced by Sen. Bill Hagerty (R-TN), would require stablecoin issuers to hold full reserves in dollars or highly liquid assets, submit to regular audits, and follow stricter guidelines if issuing more than $50 billion worth of tokens. It also includes oversight for foreign issuers, aiming to limit financial risk and prevent misuse.

Just two weeks ago, on May 8, a similar vote failed 48-49 after several Democrats raised red flags. Their concerns included weak protections for consumers, a lack of accountability for corporate issuers, and the bill’s exclusion of former President Donald Trump, a known crypto supporter, from ethics rules. Trump is also tied to World Liberty Financial, a group that recently launched a dollar-pegged stablecoin.