US Senate advances the GENIUS Act, a bill to advance the Guiding and Establishing National Innovation for US Stablecoins

In a 68-30 vote, the US Senate chose to advance the GENIUS Act, more than a month after it was introduced.

The US Senate voted on Wednesday to proceed with the GENIUS Act, a bill that would create a framework for stablecoins, more than a month after it was introduced.

The chamber voted 68-30 to move forward with the legislation, setting it up for debate and a full floor vote. A majority of senators, including several Democrats, voted to invoke cloture for the bill.

The bill (S.2640), introduced by Senator John Thune (R-South Dakota) in April, is designed to provide federal banking and securities regulators with clear authority over stablecoins. It would also require issuers of stablecoins to maintain capital reserves and register with the relevant regulator.

Speaking from the Senate floor, Thune urged members of Congress to support the bill, echoing many of US President Donald Trump’s talking points on digital assets, for example that the legislation would help make the US the “crypto capital of the world.”

“We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” said Thune.

The bill is the subject of bipartisan interest, though some members of Congress, particularly Democrats, have expressed concerns about the Trump administration’s handling of the matter.

Massachusetts Senator Elizabeth Warren spoke from the Senate floor, saying there were “core problems” with the GENIUS Act that the chamber had failed to address by not voting on certain bipartisan amendments.

One amendment, introduced by Senator Tim Kaell (D-Vermont), would have required the administration to provide Congress with a report on the use of crypto platforms for money laundering and other illicit financial activity. Another, introduced by Senator Bill Hagerty (R-Tennessee), would have blocked the administration from imposing tariffs on goods from France in retaliation for a new tax on digital services.

Both amendments failed in a largely party-line vote, with most Democrats voting in favor and most Republicans voting against.

Several Democrats also expressed concerns about Trump’s ties to his family-backed crypto platform World Liberty Financial, and rewarding holders of his memecoin with dinner and access to the president.

“Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons, and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires, and from large corporations,” said Warren. “By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion.”

Congress is also considering a separate, market structure bill that would grant the US Commodity Futures Trading Commission broader authority over cryptocurrencies.

On Tuesday, two House committees voted to advance the bill, called the CLARITY Act. The bill (H.R.5134) is now likely to go to the House floor, potentially setting it up for a vote next week.