News

Breaking: Stablecoin Bill GENIUS Act Advances Following Cloture Vote

The Stablecoin bill, also known as GENIUS Act, had advanced to the final stage, following a cloture vote with 68 to 30 in favor of the bill.
Published by
Breaking: 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.

Advertisement

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.

Advertisement

Share
Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025
  • News

Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms

Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…

October 25, 2025
  • News

Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing

Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…

October 25, 2025
  • News

Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit

In fresh developments, the United States and China’s trade teams have commenced negotiations on the…

October 25, 2025
  • News

Polymarket Hits $20B in Trading Volume, Announces Plans for Massive POLY Token Airdrop

Polymarket has surpassed $20 billion in total trading volume and has confirmed plans to launch…

October 25, 2025