The US Senate has voted to advance the GENIUS Act, a major bill aimed at regulating stablecoins, like the US dollar. The vote was 66-32, with 16 Democrats joining most Republicans in support. Two Republicans, Sens. Rand Paul (KY) and Jerry Moran (KS), voted no. This vote comes just two weeks after Democrats blocked the bill, demanding stronger consumer protections and safeguards. The bill needed at least 60 votes to move forward, and bipartisan negotiations helped clear that hurdle.
US Cryptocurrency Regulation Bill: A ‘GENIUS’ Move?
Amazing job by @SenatorHagerty to win over 60 votes for cloture on the GENIUS Act. This legislation creates a legal framework for stablecoins — a big win for crypto. Now it moves to a full floor vote. Thank you also to @LeaderJohnThune @SenatorTimScott @SenLummis @SenGillibrand. https://t.co/nuA4o7NqKl
— David Sacks (@davidsacks47) May 20, 2025
A key breakthrough came from an agreement reached late last week among a bipartisan group of senators: Republicans Bill Hagerty (TN) and Cynthia Lummis (WY), and Democrats Mark Warner (VA), Kirsten Gillibrand (NY), Angela Alsobrooks (MD), and Ruben Gallego (AZ). Their proposed amendment adds new consumer protections, places limits on tech firms issuing stablecoins, and expands ethics rules to special government employees — a category that could temporarily include tech figures like Elon Musk and David Sacks.
The bill also includes a provision that would “prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.”
In a deal to move the bill forward, the Democratic negotiators agreed to support the GENIUS Act even if their amendment doesn’t pass. While Senate Republicans haven’t committed to backing the amendment, it’s expected to win broader Democratic support.
Previously, Democrats and two Republicans — Rand Paul and Josh Hawley — blocked the bill, citing concerns over national security and money laundering. Senate Majority Leader John Thune (R-SD) criticized the delay, noting that the bill’s core text hasn’t changed since the last vote. He added that a final vote is unlikely before the Memorial Day recess.
Democratic concerns have also been fueled by recent crypto activity involving the Trump family and World Liberty Financial, including a dinner hosted by Donald Trump for top holders of his meme coin. While meme coins differ from stablecoins, some Democrats are uneasy. However, the bill only restricts sitting lawmakers and senior officials from issuing stablecoins — it doesn’t address Trump’s current crypto ventures.
Some Democrats say the ethics provision should go further, but for now, the GENIUS Act is set to move forward in the Senate.
Senator Bill Hagerty took to X to comment on this development, “The GENIUS Act skyrocketed the United States with a digital payment framework with the fastest rails possible. It will ensure U.S. dollar dominance. Customers will be protected, the demand for U.S. treasuries will balloon to the tune of more than $1 trillion, and innovation in the digital asset space will thrive in the United States going forward.”
