US Senate Advances Stablecoin Bill: GENIUS Act Nears Vote

Significant legislative momentum is building in the United States Senate concerning the regulation of stablecoins. After periods of stalled progress, key figures are actively pushing forward new proposals, indicating a renewed effort to establish a clear framework for these digital assets within the U.S. financial system.

Senate Action on Stablecoins

Senator John Thune, the Senate Majority Leader representing South Dakota, has formally advanced a legislative proposal focused on stablecoins. Known as the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), the bill’s path includes a procedural vote now scheduled for the evening of May 19, 2025.

This move signals a push to bring the legislation back into active consideration. Reporting from Fox Business journalist Eleanor Terrett highlighted this procedural step:

🚨NEW: @LeaderJohnThune has filed cloture on the GENIUS Act again with a vote scheduled for Monday evening. https://t.co/kbX7He3OXj — Eleanor Terrett (@EleanorTerrett) May 15, 2025

Renewed Bipartisan Efforts

Reports from outlets including Bloomberg indicate a renewed commitment from both Republican and Democratic lawmakers to collaborate on this stablecoin legislation. Senator Bill Hagerty, a Republican, confirmed ongoing bipartisan discussions regarding the bill’s details.

Senator Hagerty expressed optimism that the bill could garner sufficient Democratic support for consideration before the upcoming Memorial Day recess. The timing is seen as critical, as the Senate agenda is anticipated to shift focus towards Republican priorities related to tax and budget reforms shortly thereafter.

Details of the Latest Bill Version

The updated version of the stablecoin bill introduced in the Senate reportedly includes specific provisions that impact large technology companies. According to reports, the legislation introduces limitations on the ability of major tech firms to issue tokens.

Notably, CoinDesk reported that this revised bill is structured in a way that is said not to impact certain interests linked to the current U.S. President, Donald Trump. However, it imposes stricter requirements on public companies wishing to issue stablecoins, mandating approval from a designated special committee.

Despite potential restrictions for large public entities, the language might allow private companies, possibly including platforms like X (formerly Twitter) or TikTok, to potentially navigate around some of these requirements.

While some Democratic negotiators have reportedly described achieving “significant victories” in the discussions, the bill has also drawn criticism. Advocacy groups have voiced concerns, labeling the proposed legislation as potentially “weak and dangerous” for consumers.

This follows earlier reports indicating opposition to a prior iteration of the stablecoin bill from a caucus of nine Democratic Senators.