Senate to Vote on GENIUS Act as GOP Presses Forward Despite Mounting Opposition
Senate Republicans are proceeding with a vote on the GENIUS Act, which aims to regulate dollar-backed stablecoins, despite opposition from some Democrats and within their party. Majority Whip John Thune filed cloture on the bill, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act. The legislation introduces licensing, reserve, and disclosure requirements for stablecoin issuers, marking a significant federal framework. The bill received bipartisan support in the Senate Banking Committee but faces challenges as three Republican senators oppose it, and nine Senate Democrats have issued a statement against it due to transparency concerns. The GOP holds 53 seats but may struggle to reach the 60-vote threshold for cloture without Democratic support. The vote is seen as a strategy to shift blame for failure onto Democrats ahead of the 2026 midterms. Proponents argue the bill is essential for U.S. leadership in digital asset innovation, while crypto-aligned PACs prepare to invest heavily in upcoming races, increasing the political stakes.
