- Senate Approval: The Republican-sponsored GENIUS Act, focused on stablecoin regulations, cleared a key Senate vote, passing 60-29, and is now set for a full floor vote.
- Revised Provisions: The latest draft requires unanimous approval for foreign stablecoin issuers not in financial services and limits data sharing to legal compliance.
- Pushback from Democrats: Senator Elizabeth Warren criticized the bill, calling it “worse than no bill,” while the floor vote could be scheduled as soon as this week.
The Republican-backed GENIUS Act, aiming to set regulatory guidelines for stablecoins, cleared a crucial procedural vote in the US Senate, passing 60-29 on Monday. The legislation now moves to a full floor vote, though the date is yet to be scheduled.
GENIUS Act Advances After Failed Vote
Earlier this month, a cloture vote on the GENIUS Act failed by a narrow 48-49 margin. Since then, Senators have been negotiating key elements of the bill. The latest draft, obtained by Blockworks, states that foreign stablecoin issuers not primarily engaged in financial services must get unanimous approval from the Stablecoin Certification Review Committee.
The draft also updates data-sharing language, allowing stablecoin issuers to share consumer data only when required to comply with existing laws. However, not everyone is on board. Senator Elizabeth Warren criticized the revised bill, calling it “worse than no bill at all.” She took a swipe at President Trump, referencing his upcoming dinner with memecoin investors, saying the vote is “fittingly timed.”
Next Steps for the GENIUS Act
While the exact date for the floor vote remains uncertain, it could be scheduled as soon as this week. Meanwhile, the debate continues, with Democrats pushing for further changes before the bill reaches the Senate floor.
