Following a 48-49 procedural defeat earlier this month, the GENIUS Act — legislation that would create federal regulation of payment stablecoins — took full advantage of its second opportunity this evening.

By a vote of 66-32, with 16 Democrats who switched their votes, the much-anticipated stablecoin legislation passed cloture and is now ready for a final floor vote in the Senate. Passage is all but guaranteed, with only a simple majority now needed rather than the high threshold of 60 senators required for cloture.

With the successful achievement of cloture, the Senate erases a disappointing memory from May 8, when it unexpectedly failed to move the bill to a full floor vote.

“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets. After playing politics, I’m glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape. With moving ahead on the GENIUS Act, we are a step closer to creating a regulatory environment that maintains innovation in America, protects consumers, and maintains our national security," said Senator Tim Scott (R-SC) of the Senate Banking Committee on Monday night.

Sen. Mark Warner Warner (D-VA), considered a bellwether among Democratic lawmakers who supported the bill, stated in an online announcement prior to the vote that, "The market for stablecoins has grown almost $250 billion and the U.S. can't keep sitting on the sidelines." With appreciation for the continued issues around the Trump family's utilization of crypto technologies to evade scrutiny, Warner further noted that, "If American legislators don't frame this space, others will — and not in ways that advance our democratic values."