NewsletterBreaking: Stablecoin Bill GENIUS Act Advances Following Cloture Vote
Highlights
- The Stablecoin bill has advanced after a cloture vote of 68 to 30 in favor of the amendment.
- The GENIUS Act could pass as early as next week in the US Senate.
- The bill could become the first major regulatory framework for the crypto industry.
In a massive development, the stablecoin bill is one step closer to becoming law following the latest cloture vote. The GENIUS Act gained enough bipartisan support with 68 senators voting in favor of the latest amendment.
Stablecoin Bill GENIUS Act Advances With Latest Cloture Vote
According to a Bloomberg report, the US Senate has advanced the stablecoin bill following the latest cloture vote, with a final vote on the legislation likely to come up next week, or as early as this week if party leaders shorten the debate period.
The senators voted 68 to 30 in favor of the motion to invoke cloture on Senator Bill Hagerty’s substitute amendment. CoinGape had reported that the cloture vote would take place today. The amendment introduced a state-level regulation for smaller stablecoin issuers under $10 billion, ensuring transparency.
This development comes just a day after another crypto legislation, the CLARITY Act, passed the committee markup phase before the House Committee on Agriculture and the House Financial Services Committee.
The stablecoin bill aims to provide a clear and concise regulatory framework for stablecoins. It could ban interest-yielding stablecoins, following lobbying from the banking sector over competition with deposits. As a way to fight off the competition, banks like Bank of America are reportedly working on launching their stablecoins.
Meanwhile, stablecoin issuers would have to maintain a 1:1 dollar reserve in assets such as US Treasury securities. There is also a mandatory audit for issuers with a market cap of over $50 billion.
The GENIUS Act will require just a simple majority to pass on the final passage. Once that is done, the bill will head to the US House for consideration before both chambers meet to vote on the final amended version.
US President Donald Trump is expected to sign the stablecoin bill, as he has already given his full backing previously. Cabinet members like US Treasury Secretary Scott Bessent have also spoken out in favor of the bill.
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