Senate Advances Stablecoin Bill with Bipartisan Support

The U.S. Senate has taken a significant step toward final approval of the bipartisan GENIUS Act, a stablecoin regulatory framework, by passing a key procedural vote 68-30. Sponsored by Republicans including Senate Banking Committee Chairman Tim Scott and Senator Bill Hagerty, the bill aims to provide clarity, protect consumers, and ensure U.S. leadership in digital asset innovation. While the bill has bipartisan support, some Democrats, led by Senator Elizabeth Warren, oppose it citing concerns about national security risks, regulatory loopholes, and the influence of conglomerates on the financial system. The legislation mandates liquid asset backing for stablecoins, audit requirements for large issuers, and oversight of foreign entities, although critics argue these measures still leave gaps. Senate Majority Leader John Thune plans to push the bill for final passage soon, hoping the House will quickly approve it for President Donald Trump’s signature. The bill has sparked additional scrutiny due to reports of Trump’s family launching a stablecoin venture, intensifying debates over potential conflicts of interest and the bill’s impartiality.