GENIUS Stablecoin Invoice Passes to Subsequent Stage of Voting

The Guiding and Establishing Nationwide Innovation for US Stablecoins (GENIUS) Act, handed in a 66-32 Senate vote on Could 20.

“The movement to invoke cloture on the movement to proceed to the consideration of the GENIUS Act has handed,” reported Fox’s Eleanor Terrett.

She added that greater than 15 Democrats flipped their votes from no to sure, however Senate Minority Chief Chuck Schumer voted no.

The passage has cleared a key procedural hurdle after Democratic senators initially blocked the invoice earlier in Could. This vote to invoke cloture, a procedural movement that limits debate on a matter and requires a super-majority vote, now units up the invoice for ground debate.

BREAKING: GENIUS BILL PASSES THROUGH CLOTURE VOTE WITH 60 VOTES pic.twitter.com/ZDmZHe3qh4

— Dennis Porter (@Dennis_Porter_) Could 20, 2025

Stablecoin Regulation Strikes Ahead

The GENIUS Act was launched by Senator Invoice Hagerty in February with the purpose of regulating the $248 billion stablecoin market.

The laws would require stablecoins to be totally backed, bear common safety audits, and obtain approval from federal or state regulators. It restricts issuance to licensed entities and imposes limitations on algorithmic stablecoins and people with out full backing.

“This groundbreaking, bipartisan laws will deliver America’s fee system into the twenty first century,” mentioned Senator Hagerty on X.

He added that it’ll guarantee US greenback dominance and shield prospects. He additionally predicted that “the demand for US Treasuries will balloon to the tune of greater than $1 trillion, and innovation within the digital asset house will thrive in america going ahead.”

“Digital belongings are the long run, and now we’re one step nearer to making sure America leads the best way,” commented Senator Cynthia Lummis.

Tonight, the Senate moved ahead on the GENIUS Act. This groundbreaking, bipartisan laws will deliver America’s fee system into the twenty first century.

The GENIUS Act skyrockets america with a digital fee framework with the quickest rails potential. It is going to…

— Senator Invoice Hagerty (@SenatorHagerty) Could 20, 2025

Democratic senators had beforehand withdrawn assist, citing issues about potential conflicts with President Trump’s crypto investments and anti-money laundering issues.

Nonetheless, the laws was subsequently revised to safe sufficient bipartisan assist to maneuver ahead. It now heads to the ground the place the Senate will have interaction in a proper debate on the invoice, talk about its deserves, suggest amendments, and categorical issues.

Urgency Urged by Lummis

Senator Lummis indicated she hopes to finish this course of by Could 26 (Memorial Day), suggesting an accelerated timeline for the remaining procedural steps.

The stablecoin market is presently dominated by Tether, which has a commanding 61% market share with $151 billion USDT in circulation. Its closes rival, Circle, has a 24% market share with simply over $60 billion USDC issued.

In early April, associated laws, the Stablecoin Transparency and Accountability for a Higher Ledger Economic system (STABLE) Act, was handed by the Home Monetary Providers Committee.