The bill’s advancement suggests growing momentum for federal regulation of stablecoins
The US Senate has voted to advance the Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, by a 68-30 margin. The decision moves the bill closer to a full floor debate and vote, potentially setting the stage for House review later this year.
Majority Leader John Thune, who backed the legislation during his remarks on the Senate floor, argued that the bill would position the US as a global leader in digital finance. Thune pointed to the GENIUS Act as a step toward integrating cryptocurrency into the broader economy, reflecting messaging seen in recent speeches by former President Donald Trump.
Although the vote received bipartisan support, not everyone in the Senate is in favor. Sen. Elizabeth Warren of Massachusetts voiced strong objections, criticizing the bill’s lack of consumer protections and its potential ties to Trump’s personal cryptocurrency interests.
She raised concerns over Trump’s involvement with World Liberty Financial, a platform backed by his family, which rewards users of a Trump-branded memecoin with access to the former president and other perks. Warren accused Trump of leveraging the crypto industry to attract foreign and corporate money through unregulated channels.
Despite the criticism, the bill’s advancement suggests growing momentum for federal regulation of stablecoins—cryptocurrencies pegged to traditional currencies like the US dollar. The GENIUS Act focuses on providing a framework for issuing and managing these tokens while encouraging financial innovation.
The House is simultaneously reviewing similar legislation through its STABLE and CLARITY Acts, signaling a broader effort across both chambers to establish clearer rules for digital assets. Still, the GENIUS Act’s final fate remains uncertain. Democrats continue to push for amendments, and with a narrow Republican majority in the Senate, future votes could be tight depending on how negotiations progress.
