Senate Republicans and a handful of Democrats closed debate Monday night on legislation that aims to create a regulatory framework for stablecoins, setting the stage for a floor vote Tuesday morning that could advance the bill to the House of Representatives.
The Senate voted 66-32 in favor of cloture on the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act, with an official roll call was unavailable by press time. Shortly afterwards, Majority Leader John Thune (R-SD) called for the Senate to reconvene at 10 a.m. Tuesday to vote on legislation, also known as S.B. 1568.
Eleven days earlier, on May 8, a similar motion to invoke cloture failed by one vote after nine Democrats, four of whom helped advance the bill out of the Senate Banking Committee in March, pulled their support for the legislation for purportedly lacking clear safeguards against illicit finance, among other deficiencies.
- Topics: Anti-Money Laundering and Countering the Finance of Terrorism, Crypto, Technology
- Source: U.S.: Congress
- Document Date: May 19, 2025
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