The Senate advanced stablecoin legislation yesterday with a decisive 68-30 procedural vote supporting the GENIUS Act. This cloture vote limits further debate and sets up a potential final passage next week, particularly since approval of a key amendment suggests the current version represents the bill’s final form. However, attempts to attach the unrelated Credit Card Competition Act led to an abbreviated amendment process and blocked additional Democratic proposals regarding Trump’s cryptocurrency activities.
Eighteen Democrats voted in favor, with two Republicans standing against the bill.
Senator Tim Scott, Chair of the Senate Banking Committee said, “It’s a win for innovation because this framework will give entrepreneurs the confidence to build here in the United States of America, and not abroad.”
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