GENIUS Stablecoin Bill Passes Senate Vote 66–32, Advancing Towards Final Vote

The US Senate voted 66–32 on May 19, 2025, to advance the GENIUS stablecoin bill, officially titled the Guiding and Establishing National Innovation for US Stablecoins Act.

The US Senate voted 66-32 on Friday to advance the GENIUS stablecoin bill, officially titled the Guiding and Establishing National Innovation for US Stablecoins Act, reports CCPolitics. The motion to invoke cloture passed, moving the bill to full debate on the Senate floor.

The GENIUS stablecoin bill proposes a national regulatory structure for stablecoins, which are digital assets pegged to fiat currencies. The bill is focused on a market that is currently valued at nearly $250 billion and largely dominated by Tether's USDT and Circle's USDC.

The motion received support from Democratic Senators Mark Warner, Adam Schiff, and Ruben Gallego, who previously opposed the bill. Their vote helped clear the procedural hurdle required for further discussion on the bill.

Earlier this month, Democratic lawmakers blocked the GENIUS stablecoin bill over concerns about Donald Trump’s crypto involvement. Lawmakers, including Senators Elizabeth Warren, Bernie Sanders, and Raphael Warnock, expressed worries over possible conflicts of interest.

Their opposition halted the bill’s progress, preventing it from reaching the Senate floor for full consideration.

According to public records and market data from CoinGecko, Trump and his family have launched several crypto ventures. These ventures include a memecoin project, a digital asset platform, a crypto mining business preparing for a public listing, and a stablecoin called USD1.

USD1 has become the seventh-largest stablecoin in terms of market value, based on CoinGecko's rankings. As of May 10, it had a fully diluted valuation of $9.6 billion.

This growth brought up concerns among senators over the bill’s implications for Trump’s financial interests.

Senator Elizabeth Warren raised concerns about the legislation’s failure to address what she called Trump’s “crypto corruption.”

“Trump and his family have already pocketed hundreds of millions of dollars from his crypto ventures, and they stand to make hundreds of millions more from his stablecoin, USD1, if this bill passes,” Senator Elizabeth Warren said.

However, Senator Mark Warner, who previously voted against the bill, threw his weight behind the motion to move the bill forward.

“We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. It is used every day by the military, by the Centers for Disease Control, and by our intelligence agencies,” Senator Mark Warner stated.

Senator Bill Hagerty introduced the GENIUS stablecoin bill on February 4. The proposed legislation imposes strict rules on issuers and aims to create a regulatory framework for these digital assets.

The bill mandates that all stablecoins be fully backed by reserve assets, which issuers must regularly submit to security audits. It also requires issuers to obtain approval from either federal or state regulators to issue digital assets.

Only entities licensed to issue stablecoins under US law will be authorized to do so, and the legislation bans algorithmic stablecoins.

The GENIUS stablecoin bill builds on earlier policy drafts, including the Clarity for Payment Stablecoins Act, which was submitted in October by former Representative Patrick McHenry.

The House Financial Services Committee had been working on legislation to regulate stablecoins in recent months, but the initiative stalled due to disagreements among Republicans.

Earlier this year, the House passed a bill to create a new digital asset regulatory program. However, the bill did not include any provisions related to stablecoins.

As the Senate prepares for the next stage of discussion on the GENIUS stablecoin bill, the focus will shift to examining the bill’s language and enforcement mechanisms in greater detail.

Lawmakers will also continue their deliberations on the bill’s broader implications for the US financial system and the rapidly evolving landscape of digital assets.