US Senate Advances Stablecoin Legislation

The US Senate moved forward on the US stable acts, or the national innovation for genius law, with a significant 68-30 vote, just over a month after its introduction.

On Wednesday, Senate Majority Leader John Thune took to the floor, emphasizing the need for Congress to revisit many of the points raised by President Donald Trump regarding digital assets to bolster support for the bill.

With backing from a majority of senators, including some Democrats, the legislation could soon be sent to the House for further consideration, setting the stage for further discussions and votes.

“We aim to make cryptocurrency part of the mainstream, and genius acts are instrumental in that effort,” Thune stated.

Thune further mentioned that “more actions are necessary” regarding digital assets. He referred to another bill currently under consideration in the House related to market structure. Two committees in the House were expected to vote on the Clarity Act soon, which could lead to a full floor vote.

Massachusetts Senator Elizabeth Warren voiced her concerns in the Senate, highlighting a “core issue” within the genius law. She criticized the Chamber of Commerce for not supporting a specific bipartisan amendment. Warren also reiterated worries among Democrats regarding Trump’s ties to World Liberty Financial, a crypto platform tied to his family, which has awarded its Memecoin holders with dinners and access to the president.

“Through his crypto ventures, Trump has set up systems for exchanging presidential favors—think tariff exemptions, pardons, and government appointments. It’s not just about the money, perhaps billions from foreign governments and corporations,” Warren said. “By passing the Genius Act, the Senate seems set on not just condoning this corruption but also promoting its growth.”

“Genius behavior suffers from plenty of loopholes and lacks solid protections for consumers, national security, and financial stability.”

Will the Legislation Pass Congress?

As of this writing, many Democrats supported moving forward with the Cloture, but they still urged Republicans to consider amendments to the Genius Act. There’s uncertainty about whether the bill will garner enough support for passage, particularly with Republicans holding a narrow majority.

After a previous attempt to advance the legislation failed in May, Trump’s “AI and Crypto Czar,” David Sachs, mentioned that the White House hopes for bipartisan support for the Genius Act in the Senate. The Companion Bill related to stablecoins was still under review by the Financial Services Committee as of May.