The U.S. Senate has advanced the GENIUS stablecoin bill, bringing the legislation one step closer to final approval.

Senators voted 68–30 to invoke cloture, setting up the bill for a final vote as early as next Monday. The bill mandates liquid assets back stablecoins and imposes audit rules on large issuers.

The U.S. Senate has advanced the bipartisan GENIUS stablecoin bill, bringing the legislation one step closer to final approval.

Senators voted 68-30 on Sunday to invoke cloture on the bill, setting up a final vote on the legislation as early as next Monday. The vote follows bipartisan discussions to balance regulatory concerns with fostering innovation in digital finance.

The bill, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, is designed to address systemic risks in the digital economy by mandating liquid assets to back stablecoins and imposing audit rules on large issuers. It also adds oversight measures for issuers operating outside the U.S. to close regulatory gaps.

The procedural milestone follows weeks of bipartisan negotiations to bridge worries over innovation and financial oversight. Supporters of the bill, such as Senate Banking Chair Mitch McCombs, highlight its importance for market stability and innovation.

However, critics such as Senator Elizabeth Warren and Senator Amy Klobuchar have raised concerns over the bill's provisions for foreign issuers and the concentration of federal power.

Despite internal disagreements within both parties, Senate leaders have expressed urgency to proceed without further delays.

"This bipartisan legislation will provide clear rules for stablecoins and ensure they remain safe for consumers and our financial system," a White House spokesperson said in a statement on Sunday. "We urge Congress to pass the GENIUS stablecoin bill quickly."

The bill faced opposition from several Democrats, including Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren, who voted against the cloture motion.

Lawmakers expressed concerns over provisions related to corporate issuance, anti-money laundering measures, and the involvement of foreign entities in the legislation.

However, support from other Democrats, such as Senator Ruben Gallego, signals a growing consensus on core regulatory principles.

These lawmakers believe the GENIUS bill offers a reasonable framework to support oversight without stifling innovation in the cryptocurrency sector.

The bill's passage is crucial as concerns grow about Trump's family venturing into the cryptocurrency market with their venture, World Liberty Financial, and its potential to influence legislation and policy.

Lawmakers have questioned the bill's neutrality, warning that it might benefit private cryptocurrency interests, which have close ties to political figures.

This has added a new layer of scrutiny to the bill during Senate and House committee discussions.

While the Senate edges closer to passing the bill, the House faces a more complex path due to competing legislation and internal divisions.

The House Financial Services Committee previously advanced its stablecoin bill, the STABLE Act, in May by a 32-17 vote.

That version of the stablecoin bill differs in how it regulates issuers at both the state and federal levels. It also includes provisions to mitigate the impact of new stablecoin ventures, such as Trump's family venture.

The full House has yet to vote on the STABLE Act, and bipartisan negotiations are ongoing to reconcile the differences between both chambers' bills.

Meanwhile, amendments continue to surface in both chambers, especially from Democrats aiming to address Trump's growing influence in the cryptocurrency sector and his family's venture into the market.

These concerns also surfaced recently during House committee sessions on broader digital asset regulation.

President Donald Trump's advisors have expressed full support for the GENIUS bill and urged its passage before August.

According to the administration's latest policy statement, senior officials would recommend that the President sign the bill if it is approved by Congress.

This endorsement has further solidified Republican support for the bill and accelerated Senate momentum in passing the legislation.

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