GENIUS Act Heads to Senate Floor for Final Vote
The U.S. Senate is preparing for a crucial vote on the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) scheduled for Tuesday, June 17. The bill, which aims to establish a federal regulatory framework for stablecoins, has cleared a major hurdle after the Senate voted 68-30 to invoke cloture, allowing it to proceed to the floor.
The GENIUS Act could become the first comprehensive legislation addressing stablecoins in the United States.
The floor vote follows multiple amendments introduced to address ethical concerns, including provisions that would prevent elected officials and their families from profiting via connections to crypto-related companies.
Political Tensions Surround the Stablecoin Debate
Though support for the bill appears to be bipartisan, controversy remains. One amendment focuses on concerns related to the Trump family’s reported ties to World Liberty Financial’s stablecoin project, raising questions about conflicts of interest.
Missouri Senator Josh Hawley has stated his opposition to the amended bill, calling it a “huge giveaway to Big Tech.” Despite this, the wide cloture margin suggests enough support may exist for the bill to pass on June 17.
If passed, the legislation would bring long-awaited legal clarity to companies looking to issue stablecoins in the U.S.
House Advances Companion Crypto Bill
While the Senate works on the GENIUS Act, the U.S. House of Representatives is moving forward with the CLARITY Act (Digital Asset Market Clarity Act). This bill seeks to define the regulatory responsibilities of the SEC and CFTC over different types of digital assets.
Two House committees approved the bill on Tuesday, setting it up for a future vote on the House floor. With Republicans holding narrow majorities in both chambers, bipartisan cooperation will be key in determining whether either bill reaches the president’s desk.
What’s at Stake for the Crypto Industry?
These legislative efforts come at a time when major companies like Amazon and Walmart are exploring stablecoin initiatives. The passage of the GENIUS Act could unlock greater institutional confidence and promote innovation in digital payments within the U.S.
The vote on June 17 could shape the future of stablecoin regulation for years to come.