Senate Majority Leader John Thune has set the stage for a key procedural vote Wednesday on the GENIUS Act, a landmark piece of legislation aimed at regulating stablecoins, Bloomberg reported.
Thune filed cloture on Monday on the underlying bill — the Guiding and Establishing National Innovation for U.S. Stablecoins Act — and the bipartisan amendment to it, according to a post on X from the Senate Republican Cloakroom.
Last month, lawmakers voted 66-32 to invoke cloture — a procedural move that clears the way for further debate — on the bipartisan stablecoin bill. Crypto leaders hailed the vote as a “historic” win that could help “ensure U.S. dollar dominance.”
In the upcoming vote, the bill must secure at least 60 votes to advance, potentially paving the way for its swift passage.
When passed, the bill would mandate that stablecoins be fully backed by U.S. dollars or similar highly liquid assets. The bill would also mandate annual audits for issuers with market capitalizations exceeding $50 billion.
Furthermore, it introduces provisions for foreign issuers, requiring, for example, foreign stablecoin issuers to possess the technological capacity to comply with lawful orders like seizing and freezing criminal assets.
“Politicians in Washington did the right thing,” Bitwise CIO Matt Hougan wrote in a note to clients last month when the Senate advanced the bill. “I don’t want to count my chickens before they hatch, but it looks like we will have our first full-fledged piece of crypto legislation passed in the U.S. by the summer.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
