Senate Votes on GENIUS Act Amid Stablecoin Regulation Push

The US Senate is set to vote on the amended Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act on June 17, following a majority vote to invoke cloture on the bill. This development comes after senators proposed various amendments, including one aimed at preventing elected officials and their families from profiting through connections to the crypto industry.

The full Senate chamber will vote on the GENIUS Act, as amended, at a time determined by the Majority Leader in consultation with the Democratic Leader. If passed, the GENIUS Act could establish a legal and regulatory framework for stablecoins in the US. This move comes amid reports that many companies are considering issuing their own stablecoins, highlighting the growing interest and potential market for these digital assets.

Senate lawmakers invoked cloture on the bill on Wednesday with a 68-30 vote, indicating potential support from some Democrats in the upcoming floor vote. However, Missouri Senator Josh Hawley has expressed opposition to the amended bill, labeling it as a “huge giveaway to Big Tech.”

While the Senate focuses on stablecoin regulation, the House of Representatives is also engaged in discussions to clarify the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) over digital assets. On Tuesday, two House committees voted to advance the Digital Asset Market Clarity (CLARITY) Act, paving the way for a floor vote. The outcome of these legislative efforts remains uncertain, as Republicans hold a slim majority in both chambers, making bipartisan support crucial for the bills to progress to the president's desk for signing or vetoing.