Stablecoin Bill Advances in U.S. Senate with Bipartisan Support

The GENIUS Act, a pivotal stablecoin regulation bill, cleared a critical Senate vote on May 19th with 66 votes in favor, surpassing the 60-vote threshold needed to advance. The bill now moves to floor debates and amendments before a final Senate vote, with subsequent House approval required for presidential action.

Initial resistance from Democrats, led by Senators Ruben Gallego and Elizabeth Warren, stalled progress during an earlier May 8th vote. However, bipartisan consensus emerged in the latest round, signaling growing political alignment on crypto market structure frameworks.

Market participants view the bill’s progression as a litmus test for broader cryptocurrency regulation. Stablecoins—often pegged to fiat currencies like the dollar—serve as a bridge between traditional finance and digital assets, making their oversight a priority for policymakers.