The U.S. Senate voted 68-30 on Wednesday to invoke cloture on the GENIUS Act, a significant stablecoin invoice, paving the way in which for a ultimate ground vote scheduled for subsequent Monday.
If handed, the invoice may set the primary nationwide regulatory framework for stablecoins in the US.
The GENIUS Act—brief for the Guiding and Establishing Nationwide Innovation for US Stablecoins—requires stablecoin issuers to keep up 100% reserves, undergo annual audits in the event that they maintain over $50 billion in market cap, and cling to guidelines for overseas issuers.
It may function a benchmark for stablecoin regulation within the U.S. monetary system.
Senate Majority Chief John Thune spoke in favor of the invoice, aligning with President Donald Trump’s stance on digital belongings. “We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” Thune mentioned.
Nonetheless, not all lawmakers have been on board. Senator Elizabeth Warren criticized the invoice for failing to deal with bipartisan amendments and warned of the political dangers linked to Trump’s crypto dealings.
“By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,” she mentioned, referencing Trump’s ties to a crypto platform backed by his household.
Crypto’s ‘pivotal shift’
Business leaders say the invoice may unlock new institutional participation. Yuval Rooz, CEO of blockchain agency Digital Asset, referred to as it a “pivotal shift” in crypto regulation.
“The passage of the GENIUS Act marks a long-awaited shift from regulation by enforcement to regulation by clarity,” Rooz mentioned in a notice obtained by crypto.information. “It provides banks with a clear framework to confidently engage with stablecoins, unlocking stalled strategies by ensuring full reserves, regular audits, and substantive consumer protections.”
Rooz emphasised that “regulation alone isn’t enough,” highlighting the significance of privateness and management. “These aren’t optional features; they are foundational to institutional trust,” he added.
Because the Senate prepares for Monday’s ultimate vote, the GENIUS Act’s destiny may form the way forward for U.S. crypto coverage—and affect how stablecoins are utilized in each conventional and decentralized finance.
