Stablecoin Bill Set for Senate Vote Following Revisions
The Senate is set to vote on a stablecoin bill, the GENIUS Act, Monday (May 19) evening.
The vote will be held after a group of crypto-friendly Democrats signaled they would vote for the bill, Bloomberg reported Monday.
In an earlier vote, all Democratic senators voted against the GENIUS Act, citing concerns about consumer protections, anti-money laundering provisions, regulation of foreign stablecoins like Tether, and the Trump family’s business ventures involving crypto, according to the report.
Since that vote, negotiators from the two parties have made changes to the bill in an attempt to win the votes of crypto-friendly Democrats, the report said.
One Democratic senator said Monday that stablecoin legislation should not be sidetracked by concerns about the Trump family’s businesses, per the report.
Passing the bill in the Senate would require 60 votes and at least seven from Democrats, according to the report.
In the House, a stablecoin bill has passed the House Financial Services Committee but is awaiting a vote by the full House, the report said.
The House and Senate will have to reconcile any legislation they pass before sending a final version to President Donald Trump, per the report.
The GENIUS Act is also called the “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025,” per Congress’ webpage on the bill.
The Senate’s stablecoin bill was once a bipartisan bill but later generated partisan debate and lost momentum due to backlash against Trump’s involvement in digital asset ventures, PYMNTS reported Friday (May 16).
The Democratic amendments made since the last vote on the bill include provisions that fortify federal and state consumer laws.
The U.S. has been under pressure to establish regulatory structures to maintain competitiveness in the global digital asset market.
Internationally, jurisdictions like the European Union have already implemented comprehensive crypto regulations, such as the Markets in Crypto-Assets Regulation (MiCA), which came into effect in December.
“Even if stablecoins are the preferred medium for a lot of criminal activity, creating a regulated environment where these companies can operate in conjunction with law enforcement is probably a positive,” Dan Boyle, partner at Boies Schiller Flexner told PYMNTS in an interview posted in April.
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