The US Senate has scheduled a final vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act for Tuesday, June 17.
This legislation, designed to establish a comprehensive regulatory framework for stablecoins, has garnered significant attention as it nears potential passage.
The announcement followed a procedural vote for the GENIUS Stablecoin Act carried out by the US Senate on Thursday, June 12, which might lead to fresh crypto regulation.
The bill seeks to introduce a regulatory landscape for stablecoins to the crypto space, a milestone for the growing industry as trading and on-chain activity are expected to rise.
John Thune believes the GENIUS Act will make crypto a common part of daily life
Addressing the Senate floor on Wednesday, Majority Leader John Thune called for members of Congress to vote to pass the bill. The action doubles down on many of US President Donald Trump’s talking points regarding digital assets, such as how the legislation will help bring the US to the crypto capital of the world.
In a 68-30 vote, the US Senate voted to advance the GENIUS Act. This took place more than a month after it was introduced.
Several senators, including Democrats, voted to invoke cloture for the bill, putting it on the path for debate and a full floor vote before potentially moving it on to the House of Representatives for further discussion.
Thune highlighted that they aim to make cryptocurrency a common part of everyday life, and the GENIUS Act will assist them in achieving that.
He further stated that Congress had more work to do on digital assets, referring to a separate market structure bill working its way through the House.
Regarding the bill mentioned by Thune, two House committees voted on Tuesday to move forward with the CLARITY Act, clearing the way for a full floor vote soon.
Analysts have pointed out the US could become a leader in regulating digital currencies worldwide if the law passes. Based on their argument, this important federal guideline might set new standards for regulators checking other cryptocurrencies.
Senator Elizabeth Warren calls for the Senate to stop Trump’s corruption
Despite the celebration behind getting the GENIUS Act through the final approval, Senator Elizabeth Warren of Massachusetts took to the Senate floor to say there were “serious issues” with the GENIUS Act. Warren raised concerns that the chamber did not tackle the issue by not voting on some bipartisan changes.
She also echoed questions from many Democrats about Trump’s links to his family-backed crypto platform World Liberty Financial and accusations that supporters who hold his meme coin will be treated to dinner and have access to the president.
Warren stated that Trump’s crypto business allows him to easily trade presidential favors like tariff breaks, pardons, and government jobs for hundreds of millions, maybe even billions, from foreign countries, wealthy individuals, and big companies.
Therefore, according to her, by approving the GENIUS Act, the Senate will support this corruption and help it grow. Warren added that the GENIUS Act has many gaps and lacks strong protection, consumer protection security, and financial health.
While many Democrats voted to invoke cloture, some still ask Republicans to consider amending the GENIUS Act. Still, it is unclear whether the bill will have the support in the chamber, where Republicans have a slim majority, to pass.