U.S. Senate Passes Cloture Vote on GENIUS Act, Setting Stage for Final Vote

The U.S. Senate has taken a significant step toward regulating stablecoins, voting 68-30 to invoke cloture on the GENIUS Act, clearing the path for a final vote on the legislation. This procedural milestone, reported on June 11, 2025, marks a critical moment for the crypto industry as lawmakers work to establish a federal framework for stablecoin issuers, addressing consumer protections, issuer constraints, and the broader integration of digital assets into the U.S. financial system.

A Pivotal Moment for Stablecoin Regulation

The GENIUS Act, which stands for Generating Effective National Innovation for U.S. Stablecoins, aims to create a comprehensive regulatory structure for stablecoin issuers. The bill addresses key issues such as issuer transparency, reserve requirements, and measures to combat illicit activities, while fostering innovation in the digital asset space. The Senate’s decision to advance the bill follows months of bipartisan negotiations, with Senate Majority Leader John Thune filing cloture to expedite the process.

The advancement of the GENIUS Act has followed extensive discussions. On May 20, the Senate passed a cloture vote with 66 votes in favor and 32 against, formally opening debate on the GENIUS Act. After three weeks of intense bipartisan debate, the recent cloture vote’s passage indicates the Senate’s agreement to conclude discussions on the bill’s content and amendments, preparing for the final passage vote.

Following the cloture vote, Senate rules permit up to 30 hours of additional debate time, referred to as “floor time,” expected to conclude by Monday or Tuesday. During this period, senators will vote on amendments. After the 30-hour window, the Senate will hold a final vote on the revised GENIUS Act. Unlike the 60 votes required to end debate, final passage typically needs only a simple majority (50 votes plus one).

The rising support in this cloture vote reflects growing bipartisan backing, with 16 Democrats joining Republicans to advance the legislation. This shift highlights the increasing recognition of stablecoins’ role in global finance, with their total market capitalization exceeding $251 billion as of June 12.

Key Provisions of the GENIUS Act

The revised GENIUS Act includes stricter measures to protect consumers and curb criminal activity. It requires stablecoin issuers to maintain reserves in highly liquid assets like U.S. dollars, undergo regular audits, and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. The bill also addresses foreign issuers, mandating they have the technical ability to comply with legal orders, such as seizing or freezing assets tied to criminal activity.

Industry and Political Reactions

The crypto industry has largely welcomed the Senate’s progress on the GENIUS Act. Lobbyists have urged swift passage, citing the bill’s potential to provide regulatory clarity and bolster the U.S. dollar’s dominance in global digital finance. At a pre-vote Senate meeting, co-sponsor Senate Banking Committee Chair Tim Scott (R-S.C.) emphasized the bipartisan cooperation driving the bill’s progress. “Let me be clear, this did not happen by accident. It happened because we led. To those who said Washington could not act, to those who said Washington could not act, to those who doubted bipartisanship — let's prove them wrong,” he stated passionately.

However, negotiations over amendments continue. Senators have proposed over 60 amendments to the GENIUS Act, reflecting disputes over implementation details. Some Democrats, led by Senator Elizabeth Warren, remain opposed, primarily concerned that the bill fails to address potential conflicts of interest related to the Trump family’s crypto business. These concerns will be further explored during the 30-hour debate.

Challenges and Next Steps

Despite the procedural victory, the GENIUS Act faces hurdles before final passage. The amendment process remains a sticking point, with lawmakers balancing industry demands for flexibility with regulatory oversight.

At a White House inaugural crypto summit in March, President Donald Trump expressed his desire to sign stablecoin legislation by August. According to The Block, citing a Monday policy statement from Trump’s advisors, “If S. 1582 were presented to the President in its current form, his senior advisors would recommend that he sign it into law.”

If the GENIUS Act passes the Senate, it will still face challenges in the House. The House Financial Services Committee has advanced its own stablecoin legislation, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE Act), which passed the committee in April with a 32-17 vote.

As the Senate prepares for a final vote, the crypto community and financial markets will be watching closely. The outcome could shape the future of digital assets in the U.S. and beyond, setting a precedent for how governments regulate the rapidly evolving world of blockchain-based finance.