Senate Prepares Stablecoin Vote Before Memorial Day

The US Senate is preparing to vote on long-awaited stablecoin legislation before Memorial Day, marking a significant step in the chamber’s first major crypto regulation vote. Senate Majority Leader John Thune shared this timeline with Republican lawmakers during a closed-door lunch on Tuesday.

The pending vote is a crucial moment for digital asset policy in the US, as lawmakers aim to bring oversight to stablecoins, which are dollar-pegged digital tokens central to the crypto economy. The bill, known as the GENIUS Act, would establish a licensing framework for stablecoin issuers and set limits on who can issue payment stablecoins in the country.

Introduced by Senator Bill Hagerty in February, the legislation cleared the Senate Banking Committee in March with bipartisan support, including five Democratic votes. The bill would prohibit any entity that is not a “permitted payment stablecoin issuer” from issuing such tokens, creating a clearer path for regulated participants and giving federal agencies greater enforcement authority.

The Senate vote, if held before the end of May, could provide momentum for broader crypto legislation later in the year. Republicans have indicated interest in advancing a second measure that would divide oversight responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission, a long-running source of tension within US crypto policy.

In the House, lawmakers are advancing a similar stablecoin bill known as the STABLE Act. Together, the House and Senate efforts represent the most serious attempt to legislate stablecoins since they emerged as a widely used instrument in global digital payments. While the White House has issued executive orders touching on crypto, including stablecoins, Congress has yet to pass binding legislation on the issue.

A pre-Memorial Day vote would mark progress for the crypto industry, which has spent years urging Washington to create rules that would legitimize stablecoins and clarify their legal status. The sector has argued that regulation would protect consumers, attract institutional capital, and reduce the risk of offshore issuers dominating the market.

Although stablecoins remain a small part of the broader financial system, their rapid growth and ties to payment infrastructure have drawn increased attention from lawmakers and regulators. Supporters of the bill say a clear regulatory framework would help prevent future shocks while allowing the technology to evolve under supervision.

If passed, the GENIUS Act could be the first piece of comprehensive crypto legislation to reach the president’s desk.