Senate Advances Stablecoin Bill with Strong Bipartisan Support, Trump Pushes for August Deadline

12. Jun 2025 Posted by Laurent C. on News

The Senate edges closer to finalizing stablecoin regulation as President Trump signals urgency.

In a major step toward regulating digital assets, the U.S. Senate voted 68-30 this week to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS) — a bipartisan bill aimed at bringing clarity and oversight to the fast-growing stablecoin market.

The vote invoked cloture, a procedural move that limits further debate and paves the way for a final vote as soon as Monday. Unless party leaders agree to expedite proceedings, the Senate will debate the bill over the coming days.

Bipartisan Momentum Grows

Republican Senator Tim Scott of South Carolina, chair of the Senate Banking Committee and co-author of the bill, described the moment as a breakthrough for both innovation and national security.

“This didn’t happen by accident,” Scott declared on the Senate floor. “To those who doubted bipartisanship — let’s prove them wrong.”

While some prominent Democrats, including Senate Minority Leader Chuck Schumer, Elizabeth Warren, and Amy Klobuchar, voted against the bill, others crossed party lines in support. Arizona Senator Ruben Gallego was among the Democrats backing the legislation.

Core Provisions of the GENIUS Act

If passed, the GENIUS Act would impose key requirements on stablecoin issuers, including:

  • Full backing by U.S. dollars or liquid equivalents

  • Mandatory annual audits for issuers with over $50 billion in market cap

  • Enhanced scrutiny of foreign-issued stablecoins

The bill also outlines clear guidelines for state and federal regulatory oversight, a sticking point in competing proposals.

Trump Administration Signals Support

Adding momentum, former President Donald Trump’s advisors formally endorsed the bill in a Monday statement, noting that if the GENIUS Act reaches Trump’s desk in its current form, he is expected to sign it into law.

Trump has publicly called for stablecoin legislation before the August recess and has increasingly tied his political platform to cryptocurrency. His affiliates have launched a Trump-branded stablecoin via World Liberty Financial, and his media company is reportedly assembling a multibillion-dollar Bitcoin reserve.

House Still Weighing Its Version

Though the Senate is now poised for a final vote, the bill’s future in the House of Representatives remains uncertain. The House Financial Services Committee already advanced a separate bill — the Stablecoin Transparency and Accountability for a Better Ledger Economy Act — in May, but it has yet to reach the House floor.

Key differences remain between the two chambers, including how to regulate foreign issuers such as Tether and whether state or federal agencies should oversee certain aspects of issuance and compliance.

Crypto Politics Intensify

Debate over stablecoin legislation has exposed broader political divides, especially with Trump’s deeper involvement in digital assets. Some Democrats have raised conflict-of-interest concerns as Trump family-linked ventures roll out crypto products ahead of the 2025 election cycle.

On Tuesday, the House Agriculture and Financial Services Committees both advanced a broader crypto regulatory package — but not without pushback. Democrats offered numerous amendments aimed at insulating the bill from Trump’s growing crypto ties.

As lawmakers grapple with how to regulate digital assets in a politically charged environment, the GENIUS Act could become a cornerstone of U.S. crypto policy — if Congress can find common ground before August.