The U.S. Senate is preparing for a procedural vote on stablecoin regulation

According to Eleanor Terrett from Crypto in America, the revised legislation for the GENIUS Act. introduces sweeping changes that could reshape the digital currency landscape

The U.S. Senate is aiming for a procedural vote on stablecoin regulation as soon as Monday, rolling up on the bill again after an attempt to advance the measure last week ultimately failed.

As previously reported by Crypto in America, the revised legislation for the GENIUS Act, penned by Senators Warren (D-MA) and Staben (R-NE), introduces sweeping changes that could reshape the digital currency landscape, particularly for Big Tech and policymakers with crypto ties.

The bill, which had been subject to last-minute revisions and heated debate among lawmakers, seeks to regulate stablecoins—cryptocurrencies pegged to the value of fiat currency—amid growing concerns over financial stability and technological innovation.

Here's a breakdown of the key provisions and the ongoing battle over the bill’s fate:

Big Tech Faces Stablecoin Ban

The legislation specifically blocks major tech firms—including Meta, Amazon, and Google—from issuing stablecoins. Lawmakers, who clashed over the bill's scope and implications, are wary of allowing these corporations to control digital currencies.

Those in favor of the ban argue that it would prevent a few tech giants from gaining monopolistic influence over global payments, safeguarding financial stability and promoting fair competition in the emerging digital asset landscape.

Trump’s USD1 Token Sparks Branding Crackdown

The bill also includes an interesting provision that imposes restrictions on U.S.-themed branding or marketing for stablecoins.

This addition appears to be a response to former President Trump’s recent foray into the crypto world with his own stablecoin, which is being marketed as a direct challenge to the U.S. dollar.

Lawmakers are concerned that tokens mimicking government-backed currency could mislead consumers, prompting the move to set stricter guidelines on how stablecoins are presented to the public.

Regulatory Power Shifts to Treasury

The revised framework would shift stablecoin oversight from the SEC and CFTC to the Treasury Department, aiming to centralize enforcement and regulatory authority.

Proponents of the shift contend that it would streamline the regulatory process and prevent ambiguity between agencies, ultimately leading to swifter and more effective supervision of stablecoins.

However, opponents fear that it could stifle innovation and create bureaucratic bottlenecks, arguing that the SEC and CFTC are better equipped to oversee digital assets due to their existing experience in securities and commodities markets.

The bill’s provisions also aim to prevent conflicts of interest by flagging any financial ties that policymakers might have to the crypto industry. This move comes amid growing public scrutiny over the potential for bias in political decision-making.

Despite these revisions, Senate Democrats remain largely opposed to the bill, continuing to voice concerns over consumer protections and the enforcement mechanisms within the legislation.

These concerns, coupled with the administration's silence on the bill, have led Republicans to fear that the measure might not secure enough support to pass.

GOP Pushes for Memorial Day Vote

As the House of Representatives prepares to return from recess, Republicans are aiming to pass the bill by Monday in order to send it to the House.

However, with Democrats continuing to voice concerns over the bill's provisions, its passage remains uncertain.

If approved, the legislation would fundamentally alter the landscape of stablecoin regulation in the U.S., impacting the role of Big Tech in digital currency and shaping the future of the nation's crypto policy.