US Senate Advances Bipartisan Stablecoin Regulation Bill

The US Senate has voted to advance the GENIUS Act, a bill aimed at regulating stablecoins. The initiative’s author, Bill Hagerty, announced the development.

Tonight, the Senate moved forward on the GENIUS Act. This groundbreaking, bipartisan legislation will bring America’s payment system into the 21st century.

The GENIUS Act skyrockets the United States with a digital payment framework with the fastest rails possible. It will…

— Senator Bill Hagerty (@SenatorHagerty) May 20, 2025

The document received support from 66 senators, with 32 voting against. This preliminary vote paves the way for further discussion and potential enactment of the law.

The GENIUS Act mandates that stablecoins be backed by dollars or similar liquid assets. Issuers with a capitalization exceeding $50 billion must undergo annual audits. The law also introduces specific requirements for foreign companies.

Hagerty stated that the document will “bring America’s payment system into the 21st century” and help maintain the dollar’s leading role. According to him, the law’s adoption will increase demand for government bonds and support innovation in the digital asset sector.

The vote required bipartisan support: 16 Democrats voted for the initiative, although the party had previously not supported the bill.

Senator Cynthia Lummis emphasized that digital assets are the future of finance, and the approval of the GENIUS Act will allow the US to maintain leadership in this area.

Legislator Elizabeth Warren criticized the initiative, stating that the law does not address several important issues related to President Donald Trump’s influence on the industry and the launch of new stablecoins.

I’m on the Senate floor right now urging my colleagues to vote no on the GENIUS Act.

There is no excuse for Congress to pass a crypto bill that will turbocharge Trump’s corruption. https://t.co/qb8wWQ6PUA

— Elizabeth Warren (@SenWarren) May 19, 2025

According to the group Stand With Crypto, cryptocurrency advocates sent over 60,000 letters to senators urging them to support the bill before the vote.

News: Stand With Crypto’s Mason Lynaugh says advocates sent more than 60K (!) emails to lawmakers ahead of tonight’s Senate vote on stablecoin legislation. He adds they will “remember the lawmakers who have our backs” as SWC moves to incorporate the vote into politicians’ grades.…

— Eleanor Mueller (@Eleanor_Mueller) May 20, 2025

Back in May, Warren called for a revision of the GENIUS Act to ensure corporations “cannot issue their own money.”