The US Senate is expected to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act today at 8 P.M. EDT.

The GENIUS Act seeks to establish a federal regulatory framework for payment stablecoins, but has faced hurdles in progress in recent weeks due to a divide among lawmakers.

The US Senate is expected to vote on the bipartisan GENIUS Act today at approximately 8 P.M. EDT. However, it remains unclear whether the bill will pass or continue to face delays.

The GENIUS Act, which stands for Guiding and Establishing National Innovation for US Stablecoins, aims to establish a federal regulatory framework for payment stablecoins. The bill has faced several setbacks in recent weeks due to a divide among lawmakers.

This debate comes just over a week after a failed procedural vote, in which all 49 Democratic senators blocked a motion to invoke cloture on the bill’s consideration, effectively halting its initial path to the floor.

In the subsequent days, reports of a bipartisan effort to re-adapt the bill for another vote emerged, leading to changes in the proposal that were initially rejected by Democrats.

Democrats have expressed concerns about the bill’s implications for consumer protection, national security, and the potential for corruption, which they believe could arise from broad exemptions for Trump family crypto projects and other political figures.

Bill supporters, including Senate Republicans, industry groups, and some moderate Democrats, have framed the GENIUS Act as a needed legislative foundation for the burgeoning stablecoin market.

Sen. Bill Hagerty (R-TN), the bill’s sponsor, described the legislation as pro-growth and the first ever regulatory framework for payment stablecoins. He highlighted its role in strengthening the US dollar, increasing demand for Treasury assets, and keeping innovation onshore.

“This bipartisan legislation will bring critical clarity and stability to the digital asset ecosystem and provide valuable new protections for American consumers and small businesses,” said Amanda Tuminelli, executive director and chief legal officer of the DeFi Education Fund. “We urge a yes vote on the GENIUS Act as it is in the best interest of the US dollar, American consumers and small businesses.”

“This vote is a critical step to establish a regulatory framework for stablecoins that fosters responsible innovation and provides certainty for businesses and consumers,” added Ji Kim, acting CEO of the Crypto Council for Innovation. “The legislation is essential for preserving US leadership in digital finance and ensuring that the US remains the global reserve currency.”

Support for the bill has also come from advocacy organizations like Stand With Crypto, which stated that the Senate vote is a “key vote” for its 52 million American members. The group urged constituents to contact their senators and encourage them to vote yes on the GENIUS Act.

“This vote will determine whether the Senate can rise above partisan bickering and provide the certainty and stability needed to keep America's financial system at the forefront of global innovation,” Stand With Crypto said in a statement.

Justin Slaughter, VP of regulatory affairs at Paradigm and a former Democratic staffer, offered a pragmatic endorsement of the bill, noting that this is about as good as it can get for years and years.

“This is close to the best we can get for years and years—and it's a good bill that addresses the regulatory void surrounding stablecoins and mirrors the approach adopted by the EU, UK and Japan,” Slaugther wrote in a post on X, formerly known as Twitter.

He added that while the bill isn't perfect, it provides a useful starting point for further refinements in the House.

"This is an important vote for the future of financial technology and innovation in the United States. I urge the Senate to pass the GENIUS Act so we can continue to lead the world in the 21st century," he concluded.

The post pointed out that the House Financial Services Committee has already begun working on legislation to create a comprehensive digital asset framework, which could be rolled out in the fall.

"We can get this done. Let’s show the world that America is still the land of opportunity and the best place to start a business and change the world," Slaugther noted.

The bill’s supporters maintained that the GENIUS Act will provide a clear and consistent regulatory framework for stablecoins, reducing legal uncertainty for innovators and promoting efficient capital allocation.

Opponents, however, argued that the bill’s latest draft contains broad loopholes that could be exploited by Trump family crypto projects and other political figures, thereby undermining efforts to combat corruption and safeguard national security.

A May 19 memo by Senate Banking Committee Democratic staff highlighted concerns about the bill’s provisions, which could permit elected officials, including President Donald Trump and his family, to own or personally profit from stablecoin ventures.

The memo claimed that the bill’s current language could allow Trump to benefit from the USD1 stablecoin, the token being issued by a project endorsed by him and his family, World Liberty Financial.

“The latest draft continues to contain broad loopholes that could be exploited by Trump family crypto projects and other political figures, thereby undermining efforts to combat corruption and safeguard national security,” the memo stated.

The document also mentioned that allowing the trading of stablecoins issued offshore on US-based exchanges could make it easier for criminals to move funds into the US financial system