U.S. Senate Votes to Begin Debate on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act

The U.S. Senate voted late Monday to invoke cloture on the motion to proceed to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act

The U.S. Senate voted late Monday to invoke cloture on the motion to proceed to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, setting the stage for formal debate on the bipartisan legislation to create a federal framework for payment stablecoins.

The tally reached at least 60–31, according to the Senate roll-call, clearing the 60-vote filibuster threshold and allowing formal consideration of the bill to begin. At least 15 Democratic senators joined nearly all Republicans in support of the procedural motion.

This signaled a sharp reversal from an unsuccessful attempt 11 days earlier, when a vote on a motion to proceed fell short at 53–47, highlighting the difficulties in securing sufficient Democratic support for any crypto legislation.

However, the bill’s bipartisan authors—Sen. Bill Hagerty of Tennessee, who introduced the measure in March, and Sens. Cynthia Lummis and Tim Scott—had been working diligently throughout the summer to forge bipartisan consensus on the proposal.

The GENIUS Act would establish the first federal regulatory framework for payment stablecoins—digital tokens designed to maintain a one-to-one peg to the U.S. dollar. It seeks to impose stringent capital and consumer protection requirements on stablecoin issuers and restrict the ability of large technology firms to enter the market.

The bill, which passed the Senate Banking Committee in April, requires issuers to hold full dollar-denominated reserves, undergo regular audits and register with federal banking regulators. It also introduces guardrails on custody arrangements and on foreign-domiciled issuers.

According to proponents, the measure will reinforce dollar dominance, spur domestic fintech innovation and ultimately serve to enhance national security.

Meanwhile, critics, such as Sen. Elizabeth Warren, contend that the bill could encourage “crypto corruption” and leave the financial system vulnerable to stablecoin runs.

Following the cloture vote, the Senate can now devote up to 30 hours to debate and propose amendments to the bill before a vote on final passage, which Republican leader John Thune signaled could occur later this week.

Should the chamber approve the bill, it would then move to the House, where GOP leaders have expressed support for advancing a stablecoin bill this year. Finally, the legislation would land on President Donald Trump’s desk. Trump has made stablecoin regulation a policy priority in recent months.