The GENIUS Act, a significant piece of stablecoin regulation legislation, recently passed a crucial cloture vote in the US Senate, signaling strong bipartisan support for its amendments. This vote effectively ended any debate, permitting the Senate to proceed towards a final vote on the bill, which is anticipated to occur by midweek, possibly June 12 or 13.
Senator Kristen Gillibrand, a pro-crypto Democrat, voted in favor of the cloture despite reservations about President Trump's involvement in crypto ventures. Majority Leader John Thune emphasized that the bill would help integrate cryptocurrency into the mainstream and bolster the United States' position as the "crypto capital of the world." However, Massachusetts Senator Elizabeth Warren criticized the bill for having loopholes and weak safeguards concerning consumer protection, national security, and financial stability.
The GENIUS Act aims to provide a clear regulatory framework for stablecoins, fostering innovation and economic growth in the crypto sector. Its passage through the Senate represents a critical step toward formalized stablecoin oversight, with the potential to significantly influence the US crypto landscape in the near future. Further legislative work is underway in the House of Representatives, where related bills such as the CLARITY Act are progressing.