Senators on Monday approved a procedural vote to advance the GENIUS Act, a bill aimed at setting the first U.S. rules for stablecoin issuers.
The 66-32 vote in the Senate, which has a three-seat Republican majority, means the measure will move into a full debate phase before a final vote.
At the same time, the House of Representatives is crafting its stablecoin legislation to create clear guidelines for digital tokens tied to fiat currencies and the companies that issue them.
Senate Clears Procedural Hurdle
In Washington, D.C., the Senate needed 60 votes to allow extended debate on the GENIUS Act. 66 senators voted in favour, including Republicans and a group of Democrats who joined the majority.
Sixteen Democrats sided with most Senate Republicans, while two Republicans, Senators Rand Paul of Kentucky and Jerry Moran of Kansas, voted against the measure. By passing this vote, lawmakers ensured the bill would head to a final series of votes to determine if it will become law.
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Key Changes and Bipartisan Deal
Earlier last week, a bipartisan group of senators reached an agreement on an amendment that addressed concerns raised by Democratic negotiators.
This amendment adds stronger consumer protections and places limits on how technology firms can issue stablecoins. It also extends certain ethics standards to special government employees, a change that would temporarily cover figures like Elon Musk and entrepreneur David Sacks.
Supporters of these changes say they will help protect consumers and ensure the stablecoin market remains transparent. In exchange for agreeing to bring the amendment to a vote, Democratic negotiators committed to back the GENIUS Act even if the amendment did not pass.
Although Senate Republicans have not yet said whether they will support the amendment, its inclusion is expected to attract more Democratic backing beyond the core group of 6 senators.
Ethics Questions and Trump Family Crypto Deals
Some lawmakers remain worried about public officials and their families benefiting from stablecoin ventures. Recent reports about the Trump family’s dealings with World Liberty Financial, as well as a dinner hosted by former President Donald Trump for the largest holders of his meme coin, have fueled these concerns.
Memecoins differ from stablecoins because they draw value from internet buzz rather than from backing assets. The GENIUS Act includes a provision that would bar any member of Congress or senior executive branch official from issuing a payment stablecoin while in office.
Senator Elizabeth Warren, the top Democrat on the Banking Committee, spoke on the Senate floor, calling the bill flawed.
She argued that allowing public officials to benefit from crypto deals would simply enable “egregious corruption.” Other Senate Democrats have introduced separate bills aimed directly at blocking the Trump family from profiting off its crypto projects.
Work in the House and Industry Reactions
Across Capitol Hill, members of the House are drafting a different bill to regulate stablecoin issuers. Some advocates say Congress must also address rules for other digital assets and tokens that resemble securities.
From the industry side, Coinbase’s vice president for public policy, Kara Calvert, praised the Senate’s move. She said that passing the GENIUS Act would help Americans make faster and easier payments, calling stablecoin technology “transformational.”
What Comes Next?
With the procedural vote complete, senators will now debate the GENIUS Act and its amendment in more detail. If a majority approves the final version, the bill would head to the House, where members will need to reconcile differences between the two versions.