While concerns over the Trump family's ties to World Liberty Financial's stablecoin have overshadowed debate over the GENIUS Act, the bill is close to passing the Senate.
U.S. Senate lawmakers plan to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act, after a majority vote to invoke the bill’s cloture clause.
According to a notice released Thursday by Senate Democrats, the full chamber will vote on the GENIUS Act on Tuesday, June 17.
The floor vote will follow senators introducing a series of amendments to the bill, including one aimed at addressing elected officials and their families who may profit from ties to the crypto industry.
“The Senate will vote on passage of the bill, as amended, on a date to be determined by the Majority Leader in consultation with the Democratic Leader on Tuesday, June 17 ,” the Democratic senators said, referring to Majority Leader John Thune and Minority Leader Chuck Schumer.
If passed with the amendments made, the GENIUS Act could provide a legal and regulatory framework for stablecoins in the United States. Although it has not yet been signed into law, the debate over stablecoin regulation comes at a time when many companies are considering issuing their own tokens.
Senators called for a close of discussion on the bill on Wednesday by a vote of 68-30, suggesting there may be support from some Democrats for the floor vote. However, Missouri Sen. Josh Hawley will reportedly vote against the amended bill, arguing that it is a “massive giveaway to big tech.”
Stablecoins in the Senate, Market Structure in the House
As the debate over stablecoins continues on one front, lawmakers in the U.S. House of Representatives are considering a bill that would clearly define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) when it comes to digital assets.
On Tuesday, two House committees voted in favor of the bill , the Digital Asset Market Clarity (CLARITY) Act, setting the stage for a vote on the House floor.
With Republicans holding slim majorities in both the House and Senate, it is unclear whether either bill will gain the bipartisan support needed to pass and end up on the President’s desk for signature or veto.
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