US Senate votes to move forward with GENIUS Act as stablecoin legislation picks up speed

Description

The U.S. Senate voted 68–30 to invoke cloture on the GENIUS Act, a bill aimed at regulating stablecoins, signaling that the legislation is advancing toward a final vote.

Authors

Sarah Wynn

Publish date

June 11, 2025

Publisher

The Block

Web URL

https://www.theblock.co/post/357821/us-senate-votes-to-move-forward-with-genius-act-as-stablecoin-legislation-picks-up-speed

Referenced by

Trump has said he wants to have stablecoin legislation at his desk to sign before August

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The Senate bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets and mandate annual audits for issuers with more than $50 billion in market capitalization

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Senate Banking Committee Chair Tim Scott, R-S.C., one of the bill's cosponsors, said the bill was a significant win for innovation and national security, while pointing to bipartisan efforts.

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