Bloomberg reported that the US Senate is scheduled to vote on the GENIUS stablecoin bill this Wednesday.
The GENIUS Act, short for the Guiding and Establishing National Innovation for US Stablecoins Act, is a significant piece of legislation aiming to introduce federal oversight over stablecoins. It was proposed by Senator Bill Hagerty of Tennessee.
The bill has gone through several stages. On May 19, 2025, the US Senate voted 66 – 32 to advance the bill, clearing the way for further debate and amendments. Senate Majority Whip John Thune filed cloture on June 9, 2025, which is a procedural tool used to limit debate and force a final vote. This allows 30 hours of focused Senate debate, and barring procedural delays, the chamber is expected to hold final votes on both the amendment and the underlying legislation by mid – week. Senate insiders familiar with the matter said that Wednesday is the likely window for final passage, assuming no objections derail the schedule.
The key provisions of the bill include requiring stablecoin issuers to maintain full reserve backing with cash or liquid assets, mandating annual audits for companies with over $50 billion in market capitalization, and establishing guidelines for foreign stablecoin issuers operating in the US. The recently added Hagerty Amendment (Amendment #2307) further reshaped the bill. It allows stablecoin issuers under $10 billion in market cap to opt into a state – based regulatory regime, while issuers above that threshold would fall under a federal supervisory framework. It also requires issuers to maintain 1:1 backing with US dollars or highly liquid short – term assets such as treasury bills, mandates monthly attestations and public disclosures, bans interest – yielding stablecoins, and restricts the circulation of foreign – issued stablecoins in the US market without equivalent regulatory oversight.
If the bill passes, it will be a landmark in the regulation of the cryptocurrency industry, establishing the first national – scale regulatory framework for stablecoins in the US. It will likely have a profound impact on the crypto industry and traditional finance, potentially accelerating institutional adoption of stablecoins and integrating the crypto market further with the mainstream financial system. After passing the Senate, the bill will head to the House of Representatives, where a parallel effort, the Stable Act, is gaining traction. Lawmakers will need to reconcile both versions in conference before sending a unified bill to the president’s desk.
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