U.S. Senate Advances GENIUS Act with Bipartisan Support to Regulate Stablecoins

The U.S. Senate has taken a decisive step toward stablecoin regulation, advancing the GENIUS Act with a 66-32 vote. The bill, formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act, marks rare bipartisan cooperation in crypto legislation. Senator Bill Hagerty’s proposal now moves to full Senate debate, with ambitions for Memorial Day enactment.

Democratic skeptics including Mark Warner and Adam Schiff reversed opposition after ethical safeguards were added. The urgency stems from global competition—lawmakers argue the U.S. cannot cede regulatory leadership as other nations forge their frameworks. The GENIUS Act positions itself as a dual victory for financial innovation and dollar hegemony.

Should the Senate approve, the legislation will progress to the House for potential reconciliation with the STABLE Act. This convergence could establish the first comprehensive federal framework for dollar-pegged cryptocurrencies.