Senate Advances GENIUS Act with Bipartisan Support, Setting Stage for Stablecoin Regulation

The U.S. Senate moved decisively toward stablecoin legislation with a 68-30 cloture vote on the GENIUS Act, clearing the path for final approval by simple majority. Majority Leader John Thune initiated the 30-hour countdown for procedural debates, with final passage expected by June 17. Senator Bill Hagerty''s amended version removed contentious provisions like in-kind redemption bans while preserving strict reserve requirements—a compromise that eased Democratic objections.

The bill mandates 1:1 asset backing for payment stablecoins, restricting collateral to short-dated Treasuries or insured deposits. Industry groups like the crypto Council for Innovation hailed the progress as validation of digital assets'' growing legitimacy. Market observers note the legislation could accelerate institutional adoption of regulated stablecoins, though yield-bearing products would be prohibited under the current language.