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The U.S. Senate has made a significant advancement towards the federal oversight of stablecoins on Wednesday, casting a vote of 68-30 to invoke cloture on a substitute amendment for the GENIUS Act.
This action paves the path for a decisive vote on the legislation as soon as Monday, unless Senate leaders consent to expedite the debate process.
Senate Moves Forward with GENIUS Act, Setting the Stage for Final Stablecoin Vote
Formally known as the “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” the GENIUS Act suggests stringent regulations for stablecoin issuers. It mandates that all stablecoins be entirely backed by U.S. dollars or other similarly liquid assets.
JUST IN: US Senate votes to advance stablecoin legislation the GENIUS Act
pic.twitter.com/EUWaUJeY0v
— Bitcoin Magazine (@BitcoinMagazine) June 11, 2025
Issuers with a market capitalization exceeding $50 billion would be required to undergo annual audits. The bill also addresses regulations concerning foreign-issued stablecoins.
Senate Banking Committee Chair Tim Scott, a Republican from South Carolina and one of the bill’s proponents, described the vote as a victory for both innovation and national security.
“Let me be clear, this was not a coincidence. It happened because we took the lead. To those who claimed Washington could not take action… let’s prove them wrong,” Scott stated before the vote.
The bill successfully navigated the procedural barrier with bipartisan backing, although some notable Democrats opposed it. Senate Minority Leader Chuck Schumer, along with Senators Elizabeth Warren and Amy Klobuchar, voted against it. Conversely, others, including Senator Ruben Gallego of Arizona, supported it.
Critics of the bill expressed various concerns. Senator Warren condemned the chamber for neglecting proposed amendments and highlighted what she perceives as deeper ethical issues linked to President Donald Trump.
“Through his crypto business, Trump has established an effective method for trading presidential favors… By passing the GENIUS Act, the Senate is not only about to endorse this corruption but to actively promote its growth,” she remarked from the Senate floor.
Despite the objections, the bill has received support from the Trump administration. A statement released on Monday indicated that if the bill reached the president in its current form, his senior advisors would recommend signing it into law.
Trump has expressed his desire to have stablecoin legislation on his desk before August.
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Nonetheless, the bill’s prospects in the House remain uncertain. The House Financial Services Committee approved its own version of stablecoin legislation in May, but the full House has yet to cast a vote.
Discrepancies between the Senate and House versions, particularly regarding oversight of foreign issuers and state-level regulations, still require resolution.
For the time being, all attention is focused on Monday’s vote, which could signify a pivotal moment in how the U.S. approaches stablecoin regulation.
Trump’s Extensive Crypto Connections Ignite Debate as Stablecoin Bill Nears Final Senate Vote
As the Senate prepares for Monday’s decisive vote on the GENIUS Act, discussions surrounding President Donald Trump’s deepening connections to the crypto world are sparking renewed debate on Capitol Hill.
The bill initially encountered opposition from Democrats concerning provisions related to foreign issuers, AML standards, and the potential for corporate stablecoin issuance, but a subsequent cloture vote in late May succeeded with a 66-32 margin, setting the bill on course for a final vote.
However, Trump’s growing crypto enterprise has introduced an additional layer of tension.
In recent months, Trump and his family have initiated a series of crypto ventures, including World Liberty Financial, a digital asset platform that lists Trump as “Chief Crypto Advocate.” The firm recently launched a stablecoin, USD1, backed by U.S. Treasuries.
Entities linked to Trump reportedly hold a majority stake in the company and a significant share of its tokens.
Moreover, the Trump family has introduced memecoins such as $TRUMP and $MELANIA, benefiting from transaction fees despite extreme price fluctuations.
Democrats have raised concerns regarding conflicts of interest, particularly following revelations that $TRUMP coin holders paid substantial amounts to attend a private gala with Trump.
Meanwhile, House committees have progressed a broader crypto regulatory bill, with some members advocating for its merger with the stablecoin framework currently under consideration in the Senate.
The post Senate Stablecoin Drama Intensifies: GENIUS Act Faces Final Vote Amid Trump-Related Controversy appeared first on Cryptonews.
