Senate Set to Vote on GENIUS Act for Stablecoin Regulation

The U.S. Senate has announced that the final vote on the Guiding and Establishing National Innovation for U.S. Stablecoins Act, also known as the GENIUS Act, will take place on June 17. The exact time of the vote will be determined by the Majority Leader in coordination with the Democratic Leader. This legislation proposes a comprehensive framework for the issuance and oversight of U.S. dollar-backed stablecoins, aiming to bring clarity and regulation to the rapidly expanding stablecoin sector.

The GENIUS Act includes several key provisions for stablecoin issuers. Stablecoins must be fully backed by U.S. dollars or similarly liquid assets, ensuring that they maintain their value. Issuers with over $50 billion in market capitalization will be subject to mandatory annual audits, enhancing transparency and accountability. The bill also outlines regulatory compliance standards for foreign-based issuers operating within the U.S. market, ensuring that all stablecoin issuers adhere to the same standards regardless of their location.

The Senate took a procedural vote on Wednesday to advance the bill, paving the way for the final decision. If passed, the GENIUS Act would mark a major step toward legal clarity in the stablecoin sector, potentially reshaping how digital dollars are issued, audited, and managed within the financial system. The bill has bipartisan support and includes changes requested by Democrats, aiming to provide a regulatory framework for stablecoins that ensures issuers are subject to strict anti-money-laundering standards. This framework is seen as a victory for innovation, as it gives entrepreneurs the confidence to build stablecoin-related technologies within the United States rather than abroad. Additionally, the bill is expected to enhance national security by bringing stablecoin issuers under regulatory oversight.

The Senate's advancement of the GENIUS Act comes as part of a broader effort to regulate the cryptocurrency market. The House of Representatives has also made progress with the CLARITY Act of 2025, which aims to provide a regulatory structure for the crypto market. The House Financial Services Committee and the House Agricultural Committee have both passed the bill out of committee, sending it to the full House for further action. The CLARITY Act includes provisions that prevent non-custodial software developers, miners, and validators from being forced to register as money transmitting businesses, which would have required them to collect know-your-customer data under the Bank Secrecy Act.

The Senate's vote on the GENIUS Act is expected to be a close one, with several Democrats still pushing for provisions that would limit personal involvement in crypto. Despite these concerns, the bill has the necessary support to pass, with at least 60 votes for cloture and 51 votes needed for passage. The final vote on the bill is expected to take place by midweek, with Wednesday being the likely timeline for the vote.

The advancement of the GENIUS Act and the CLARITY Act represents a significant step forward in the regulation of the cryptocurrency market. These bills aim to provide a clear regulatory framework for stablecoins and other digital assets, ensuring that they are subject to the same anti-money-laundering standards as traditional financial instruments. This regulatory clarity is expected to foster innovation in the cryptocurrency sector, while also protecting consumers and enhancing national security.