The U.S. Senate voted late Monday to invoke cloture on the motion to proceed to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, clearing the 60-vote filibuster threshold and allowing formal debate on the legislation to begin. The tally reached at least 60–31, according to the Senate roll-call, marking a sharp reversal from an unsuccessful attempt 11 days earlier.
Authored by Sen. Bill Hagerty of Tennessee with bipartisan backing from Sens. Cynthia Lummis and Tim Scott, the GENIUS Act would establish the first federal regulatory framework for payment stablecoins—digital tokens designed to maintain a one-to-one peg to the U.S. dollar. Concessions on consumer protection, enforcement and restrictions on large technology firms persuaded more than 15 Democratic senators, including Mark Warner, Catherine Cortez Masto and Adam Schiff, to join nearly all Republicans in supporting the procedural motion.
The bill requires issuers to hold full dollar-denominated reserves, undergo regular audits and register with federal banking regulators; it also introduces guardrails on custody arrangements and on foreign-domiciled issuers. Proponents say the measure will reinforce dollar dominance, spur domestic fintech innovation and enhance national security. Critics led by Sen. Elizabeth Warren argue it could encourage “crypto corruption” and leave the financial system vulnerable to stablecoin runs.
With cloture invoked, the Senate can devote up to 30 hours to debate and amendments before a vote on final passage, which Republican leader John Thune signaled could occur later this week. Should the chamber approve the bill, it would move to the House, where GOP leaders have expressed support, and ultimately to President Donald Trump, who has made stablecoin regulation a policy priority.
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