- GENIUS Act vote could establish the first federal regulatory framework for stablecoins in the U.S.
- Amendment #2307 proposes tiered oversight and transparency rules for stablecoin issuers.
The U.S. Senate is preparing for a pivotal vote on the GENIUS Act, a bipartisan effort designed to introduce comprehensive federal regulations for stablecoins.
Expected to take place as early as the 11th of June, the vote follows a procedural move by Senate Majority Leader John Thune. This signaled growing momentum behind the legislation.
The bill’s journey so far
The Guiding and Establishing National Innovation for U.S. Stablecoins Act aims to set clear rules for stablecoin issuers.
It focuses on transparency, consumer protection, and financial stability within the digital asset ecosystem.
Currently, lawmakers are reviewing 60 proposed amendments. Bipartisan negotiations are intensifying to move the bill forward in the Senate.
Last month, the Senate voted 66-32 to invoke cloture (a parliamentary procedure used to end debate and bring a matter to a vote) on the legislation. This cleared the way for more detailed debate on the bill.
Crypto industry leaders celebrated the vote as a breakthrough. They believe it could strengthen the U.S. dollar’s role in the global economy.
Key amendments
As the bill heads toward another critical vote requiring 60 or more approvals to progress, negotiations have zeroed in on Amendment #2307, a key revision aimed at reconciling the priorities of both traditional banking institutions and the digital asset sector.
This amendment creates a tiered regulatory framework wherein stablecoin issuers with under $10 billion in market cap can opt for state-level oversight, while federal agencies would regulate larger entities.
It also requires stablecoin issuers to enhance transparency by submitting monthly attestations and publicly confirming full backing by U.S. dollars or equivalent liquid assets.
What’s ahead for the GENIUS Act?
With the cloture vote passed, the Senate is now preparing for a final vote on the GENIUS Act.
If approved, the bill will move to the House of Representatives, where lawmakers are already advancing a similar measure—the STABLE Act—with aligned regulatory goals.
Although there’s strong bipartisan support, the bill’s success will depend on how lawmakers resolve the remaining amendments and open issues.
