Key Takeaways
- The Senate will vote on key stablecoin regulation legislation before Memorial Day.
- The stablecoin bill has bipartisan support and passed the Senate Banking Committee.
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Senate Majority Leader John Thune announced behind closed doors that a vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act will take place before Memorial Day, Politico reported Tuesday.
This means the Senate is likely to take up the landmark crypto legislation by Friday, May 23, which is the last working day before the holiday weekend.
Thune delivered the timeline during the GOP senators’ weekly conference lunch, setting the stage for the Senate’s first major vote on crypto regulatory reform.
Introduced by Senator Bill Hagerty in February, the GENIUS Act would set up a regulatory framework for stablecoins, digital assets tied to fiat currencies like the US dollar.
The legislation cleared the Senate Banking Committee in mid-March by an 18-6 vote. Despite opposition and proposed amendments from Senator Elizabeth Warren, the bill progressed without her changes and will now face a vote in both chambers of Congress.
The legislation mandates reserve requirements, anti-money laundering protocols, and consumer protection measures to enhance stablecoin regulation and promote the US dollar’s strength.
If passed, it would mark a historic first step by the Senate toward comprehensive crypto oversight and could pave the way for broader legislation in the space. Crypto advocates have long argued that regulatory clarity around stablecoins is essential for adoption and market stability.
In a statement after the Senate Banking Committee’s approval of the GENIUS Act, Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, indicated that the US was on the brink of passing key stablecoin legislation, likely within two months.
President Trump also called on Congress to pass legislation to establish a regulatory framework for stablecoins during the Blockworks Digital Asset Summit in New York. He emphasized that regulations would strengthen the US dollar’s dominance and facilitate economic growth.
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