A bill to create a regulatory framework for payment stablecoins cleared a key procedural hurdle today after several Democrats joined Republicans in voting to advance the legislation.
The Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act (S. 1582) would establish procedures for institutions seeking licenses to issue stablecoins and establish regulatory standards for stablecoin issuers. Earlier this month, the legislation failed to get the 60 votes needed to invoke cloture after Democrats made several demands, including language to prevent government officials from profiting from stablecoin ventures. Cloture is required before the Senate can take a final vote on the bill.
The bill today received 66 votes after a handful of Democrats agreed to let it move forward. Sen. Mark Warner (D-Va.) was among the senators who changed votes, saying that while the bill isn’t perfect, “it’s far better than the status quo.”
“Innovation in this space is happening, with or without us,” Warner said in a statement before the vote. “We have a responsibility to ensure it happens safely, transparently, and in a way that advances U.S. economic and national security interests.”
The Senate will take a final vote on the bill at a later date, before which the legislation could be opened to debate and amendment.
