The US Senate is preparing for a pivotal vote on the bipartisan GENIUS stablecoin bill as soon as this week, depending on whether lawmakers can reach a consensus on key amendments. The bill aims to establish a regulatory framework for stablecoins, addressing issues such as issuer restrictions, financial disclosure requirements, and reforms to anti-money laundering laws.
Key amendments under negotiation include prohibitions on foreign adversaries—especially Chinese entities—owning stablecoin issuers, new transparency rules for government officials holding digital assets, and potential additions like the Credit Card Competition Act (CCCA), which faces opposition and could jeopardize support for the GENIUS bill.
Senators from both parties are working to finalize a package of amendments to accelerate the legislative process by allowing individual amendment votes without triggering a full-scale debate. Failure to reach agreement could delay the vote until the week of June 9.
The Senate faces tight deadlines amid election-year pressures, with political leaders aware that delays could impact voter sentiment in key battleground states. Public support for crypto regulation is high, with a recent survey indicating 74% of US voters, including majorities across Democrats, Republicans, and independents, favoring swift passage of stablecoin laws.
The GENIUS bill embodies a significant step toward regulatory clarity for the cryptocurrency sector, aiming to protect consumers while fostering innovation. However, internal political tensions and disagreements on ancillary provisions remain challenging obstacles as the Senate seeks to finalize this legislation.