Senate Plans Vote on GENIUS Act Amid Bipartisan Opposition

The Senate is advancing the GENIUS Act, a bill that would create the first major federal regulatory framework for dollar-backed stablecoins, despite growing opposition from both Democrats and some Republicans. The legislation aims to impose licensing, reserve, and disclosure requirements on stablecoin issuers, with supporters arguing it will boost consumer protections and solidify the U.S. dollar’s role in digital finance. While major industry groups and figures like Coinbase CEO Brian Armstrong and the nation’s leading digital asset associations support the bill, urging swift passage to keep the U.S. competitive globally, nine Senate Democrats have withdrawn their support over concerns about weakened anti-money-laundering provisions, national security risks, and lack of transparency on recent changes. Several Republican senators have also expressed opposition. The GOP’s push is seen as politically motivated, with leadership pressing for a vote to potentially blame Democrats if the bill fails to reach the required 60 votes. The GENIUS Act’s fate remains uncertain as lawmakers debate its impact on innovation, market safety, and political interests.