Key Takeaways
- The GENIUS Act stablecoin bill’s cloture vote passed, meaning bipartisan support for amendments was likely a success this week.
- Senator Gillibrand backed the GENIUS Act despite disapproving of Trump’s crypto ventures, emphasizing its economic benefits.
- The proposed amendments to the GENIUS Act successfully addressed issues raised by Democrats, paving the way for a final vote.
Several weeks after stalling following Trump-linked concerns, the GENIUS Act stablecoin bill advances to the Senate floor after passing the crucial cloture vote, guaranteeing bipartisan support for the new amendments.
According to a report, the US Senate voted 68-30 to invoke cloture on the GENIUS Act stablecoin bill, paving the way for a final vote on the floor of the House, scheduled for the following Monday. With the amendments passed and solidified, a successful vote on the House floor was quite likely. If passed, the bill could set the first national regulatory framework for stablecoins in the United States.
The Bill Stands To Benefit the US Economy
The GENIUS Act—short for the Guiding and Establishing National Innovation for US Stablecoins, proposes that stablecoin issuers maintain 100% reserves, be subject to annual audits if they hold over $50 billion in market capitalization and adhere to rules put in place for foreign stablecoin issuers. The new law could serve as a benchmark for stablecoin regulation in the US financial system.
Among those who voted “Yes” is Senator Gillibrand, who was earlier opposed to President Donald Trump’s crypto ventures but now says that the bill stands to benefit the US economy. It is now believed that other Democrats will take a similar attitude towards the GENIUS Act. The GENIUS Act Stablecoin bill is a landmark piece of proposed stablecoin regulation, but it has faced a few significant obstacles. To ensure that it doesn’t end up in the trash, bipartisan Senators introduced an amendment that would reassure Democrats’ concerns about economic disruption.
A Pivotal Shift in Crypto Regulation
On Wednesday, June 11, 2025, the cloture vote for these GENIUS Act amendments passed, setting it up for a significant success. It means any debate on a bill has now ended, and the Senate can now move forward to the final vote. Key players within the crypto industry believe the stablecoin bill is poised to unlock new institutional adoption. Commenting on the latest development, Yuval Rooz, CEO of blockchain firm Digital Asset, called it a “pivotal shift” in crypto regulation. Rooz said:
“The passage of the GENIUS Act marks a long-awaited shift from regulation by enforcement to regulation by clarity […] 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.”
Conclusion
As the US Senate prepares for the final vote on Monday, the fate of the GENIUS Act stablecoin bill could reshape US cryptocurrency policy and influence how stablecoins will be used in traditional and decentralized finance. More support has come from Treasury Secretary Scott Bessent, who now says that stablecoins could “lock in” the dominance of the US dollar. In May, Bessent told Bloomberg that dollar-backed cryptocurrencies could generate $2 trillion worth of additional demand for US Treasuries.
Frequently Asked Questions
Does the GENIUS Act apply to all types of stablecoins?
The Act focuses on payment stablecoins backed 1:1 by fiat reserves. It does not directly address other stablecoins, such as algorithmic stablecoins, which remain in a regulatory gray area.
How will the new laws, if passed, affect the workings of existing cryptocurrency exchanges?
Exchanges may need to adjust their listing and support of stablecoins, especially those that fall under the new licensing and reserve rules.
Could the passing of the GENIUS Act agitate for the regulation of other types of digital assets?
Yes. The GENIUS Act could set a precedent for how the US handles other digital assets, including governance tokens, non-fungible tokens (NFTs), and decentralized finance (DeFi) protocols.
