The U.S. Senate on Wednesday took a significant step toward establishing a regulatory framework for payment stablecoins, voting to move forward with legislation known as the GENIUS Act. This advancement brings the bill closer to a final vote in the Senate, reflecting growing bipartisan momentum behind crypto regulation.
The procedural vote to end debate on the updated version of the GENIUS Act garnered support from 18 Democrats alongside the majority of Republicans. This level of bipartisan backing marked another crucial milestone for the legislation, which had previously faced political and procedural hurdles.
The bill’s updated text emerged from extensive negotiations between Republican senators and several Democrats who have been supportive of cryptocurrency-related initiatives. These discussions took place last month in anticipation of a prior procedural vote on the Senate floor. The new draft aimed to bridge policy differences and secure broader support within the chamber.
While the overall voting pattern mirrored that of the earlier May vote, a few key changes in support were noted. Senators John Hickenlooper of Colorado and Andy Kim of New Jersey, both Democrats, shifted to support the bill. In contrast, Senator Lisa Blunt Rochester of Delaware, who had previously backed the legislation in both committee and earlier floor votes, reversed her position and voted against it.
Blunt Rochester expressed reservations about the Senate leadership’s choice to bypass an open amendment process for the GENIUS Act. She emphasized her desire to see further revisions to the legislation before giving it her full support. “I was really clear,” she said in comments to The Hill. “I hoped that there would be an open amendment process, and that’s what I heard Leader Thune say around last month, so I will take a look at this language, and we’ll make a decision from there.”
Senate Majority Leader John Thune of South Dakota ultimately decided to abandon plans for a so-called “regular order,” which would have allowed a traditional amendment process. This decision came in response to concerns that certain proposed amendments, particularly one introduced by Senator Roger Marshall of Kansas involving the Credit Card Competition Act, could derail the bill’s passage by undermining its delicate coalition of support.
That decision frustrated several Democrats who had hoped to include language in the bill that would prohibit President Donald Trump and other elected officials from financially benefiting from stablecoins. They argued that without such provisions, the legislation lacks sufficient safeguards against conflicts of interest.
Senator Jeff Merkley of Oregon was among the most vocal critics of the bill’s current form, expressing his concerns during floor remarks before Wednesday’s vote. “The GENIUS act attempts to set up some guardrails for buying and selling a type of cryptocurrency, one type called a stablecoin,” Merkley said. “Well, we need guardrails that ensure that government officials aren’t openly asking people to buy their coins in order to increase their personal profit or their family’s profit. Where are those guardrails in this bill? They’re completely, totally absent.”
Despite these concerns, several Democrats who have been closely involved in shaping the legislation are urging their colleagues to support the bill. They argue that while the measure is not perfect, it represents a critical step forward in providing clarity and consumer protection in the rapidly evolving digital asset sector.
Senator Kirsten Gillibrand of New York voiced strong support for the bill and the process that led to its current form, even as she acknowledged the political challenges posed by President Trump’s involvement in the industry. “It’s extremely unhelpful that we have a president who’s involved in this industry, and I would love to ban this activity, but that does not diminish the excellent work of this legislation,” she said on Wednesday.
“It does not diminish the hard work that bipartisan group of senators put into this to make a difference and to write a law that can protect consumers, that can protect our financial services industry, that can protect the strength of the dollar, and that can protect people who would like access to capital,” Gillibrand added.
Looking ahead, the GENIUS Act still faces several additional votes before it can clear the Senate entirely and move on to the House of Representatives. Senator Cynthia Lummis of Wyoming, a leading Republican voice on crypto issues and one of the bill’s primary sponsors, told The Hill on Tuesday that she anticipates a final vote on the bill will take place next week.
The GENIUS Act is aimed at bringing regulatory certainty to payment stablecoins, which are a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset such as the U.S. dollar. By establishing a clear legal framework, the bill seeks to protect consumers and financial markets while encouraging responsible innovation in the digital currency space.
Though the legislation remains a work in progress, its advancement through the Senate marks a rare moment of bipartisan cooperation in a deeply divided Congress. The ongoing debates about the bill’s scope, especially concerning ethics and potential conflicts of interest, suggest that more changes could still be proposed before the measure becomes law.
For now, the GENIUS Act represents a meaningful attempt to tackle the regulatory gray areas surrounding stablecoins, a rapidly growing segment of the cryptocurrency market that has drawn increasing attention from lawmakers, financial regulators, and the public alike. As it moves closer to a final vote in the Senate, both its supporters and critics are expected to continue voicing their views about what the bill should ultimately contain.
Senator Gillibrand’s comments highlight the balancing act lawmakers are trying to maintain. While many want to clamp down on unethical behavior and prevent undue political influence in crypto markets, they also recognize the urgency of establishing a baseline regulatory structure to bring order and safety to the space.
As Senator Lummis noted, the next major vote is expected soon. Whether the current version of the GENIUS Act makes it to the House or undergoes more revisions remains to be seen. What is clear, however, is that Washington is finally moving toward creating rules for stablecoins — and the decisions made in the coming days could shape the future of cryptocurrency regulation in the U.S. for years to come.
