Senate Showdown: Will the Stablecoin Bill Survive the Vote?

As the Senate prepares to cast its decisive vote, the crypto industry holds its breath—will regulators finally give stablecoins the green light, or is this another political punt?

Behind the scenes: Lobbyists are working overtime, but Treasury officials still can''t decide if stablecoins are the future of finance or just fancy casino chips.

The stakes: With $150B+ in stablecoin circulation, this isn''t just policy—it''s a power grab for the soul of the financial system.

Watch for: Last-minute amendments that could turn the bill into either a innovation catalyst or a regulatory straitjacket.

Bottom line: When Wall Street and crypto bros both hate a compromise, you know the politicians did something right... or terribly wrong.

TLDR

• The US Senate will hold a final vote on the stablecoin bill on June 17.
• The GENIUS Act aims to create a national regulatory framework for stablecoins.
• Senators introduced amendments to address ethical concerns and agency responsibilities.
• The bill could allow approved institutions to issue stablecoins under federal oversight.
• Missouri Senator Josh Hawley opposes the bill and warns of benefits for big tech companies.

The US Senate will MOVE forward with a final vote on the stablecoin bill on Tuesday, June 17. Lawmakers invoked cloture on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act with a 68-30 majority. This step sets up the full Senate vote on the bill, which seeks to create a regulatory framework for stablecoins.

Stablecoin Bill Faces New Ethical Demands

Senators introduced several amendments to the stablecoin bill before the vote, including one targeting potential conflicts of interest. The amendment aims to limit opportunities for elected officials and their families to benefit financially from crypto ties. Discussions around ethical concerns gained momentum as support for the bill grew across party lines.

Additional changes propose clearer responsibilities for federal agencies in overseeing stablecoin activities. These adjustments highlight the effort to balance innovation with financial transparency. While some lawmakers push for stronger oversight, others prioritize industry flexibility to foster competition.

GENIUS Act Could Establish Stablecoin Framework

If passed, the GENIUS Act will set national rules for issuing and managing payment stablecoins in the United States. The stablecoin bill outlines requirements for reserve assets, consumer protections, and regulatory compliance. It also allows approved institutions to launch their own stablecoin tokens under federal supervision.

The bill reflects increasing interest in stablecoin use by private companies and financial institutions. Regulatory certainty could attract more participants to the US digital asset market. While the Senate prepares for the vote, many industry players monitor developments closely.

Missouri Senator Josh Hawley opposes the amended version, calling it a benefit for large technology firms. His stance reflects ongoing concerns about influence from major tech companies in the crypto space. Despite that, bipartisan backing may still push the stablecoin bill forward.

House Moves Forward With Digital Asset Legislation

Meanwhile, the House of Representatives advanced the Digital Asset Market CLARITY Act through two committees. That bill addresses jurisdiction between the SEC and the CFTC over digital assets and related market activities. Like the GENIUS Act, the House proposal aims to bring a clear structure to crypto regulation.

Republicans hold narrow majorities in both chambers, which could affect the outcome of both bills. Lawmakers now wait to see if either stablecoin bill will reach the president’s desk for final approval. The June 17 vote remains a key moment for the future of stablecoin oversight in the US.