US Senate Advances GENIUS Stablecoin Bill Toward Final Vote

The US Senate has taken a decisive step toward stablecoin regulation, voting 68-30 to advance the GENIUS Act to a final floor vote. The bipartisan legislation, which could face a final passage vote as early as Monday, addresses Democratic concerns around AML compliance and requires 1:1 dollar backing for issuers.

Banking Committee Chair Tim Scott framed the cloture vote as a critical milestone, urging colleagues to "finish the job" and deliver the bill to President Trump''s desk. The GENIUS Act represents one of Congress''s most substantive efforts to create a regulatory framework for dollar-pegged cryptocurrencies.

Market participants are closely monitoring the bill''s progression, which could establish foundational rules for stablecoin issuance amid growing institutional adoption of blockchain-based payment systems.