The U.S. Senate voted late Monday to invoke cloture on the movement to proceed to the Guiding and Establishing Nationwide Innovation for U.S. Stablecoins (GENIUS) Act, clearing the 60-vote filibuster threshold and permitting formal debate on the laws to start. The tally reached at the very least 60–31, in keeping with the Senate roll-call, marking a pointy reversal from an unsuccessful try 11 days earlier.
Authored by Sen. Invoice Hagerty of Tennessee with bipartisan backing from Sens. Cynthia Lummis and Tim Scott, the GENIUS Act would set up the primary federal regulatory framework for cost stablecoins—digital tokens designed to keep up a one-to-one peg to the U.S. greenback. Concessions on client safety, enforcement and restrictions on massive know-how companies persuaded greater than 15 Democratic senators, together with Mark Warner, Catherine Cortez Masto and Adam Schiff, to affix practically all Republicans in supporting the procedural movement.
The invoice requires issuers to carry full dollar-denominated reserves, bear common audits and register with federal banking regulators; it additionally introduces guardrails on custody preparations and on foreign-domiciled issuers. Proponents say the measure will reinforce greenback dominance, spur home fintech innovation and improve nationwide safety. Critics led by Sen. Elizabeth Warren argue it may encourage “crypto corruption” and go away the monetary system susceptible to stablecoin runs.
With cloture invoked, the Senate can commit as much as 30 hours to debate and amendments earlier than a vote on closing passage, which Republican chief John Thune signaled may happen later this week. Ought to the chamber approve the invoice, it could transfer to the Home, the place GOP leaders have expressed help, and finally to President Donald Trump, who has made stablecoin regulation a coverage precedence.
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