U.S. Senate Majority Leader John Thune has announced that a critical procedural vote on the GENIUS Act a landmark bill regulating stablecoins will take place on Wednesday. On Monday, Thune filed for cloture on the Guiding and Establishing National Innovation for U.S. Stablecoins Act and its bipartisan amendment, paving the way for potential final passage.
Last month, the bill advanced past its first procedural vote with a strong 66–32 majority, drawing significant attention from the crypto industry. The GENIUS Act would require stablecoin issuers to fully back their coins with U.S. dollars or similarly liquid assets, and mandates annual independent audits for issuers with over $50 billion in market cap. It also imposes stricter requirements on foreign issuers, including having the technical infrastructure to freeze assets linked to criminal activity upon legal request. If passed, the legislation is expected to strengthen the U.S. dollar’s dominance in the digital financial era.
