24/7 Cryptocurrency News

Stablecoin Bill: GENIUS Act Heads For Cloture Vote on May 19

Lawmakers in the US will conduct a cloture vote on the GENIUS Act this coming Monday, setting the stablecoin bill on a crucial path
Published by
Stablecoin Bill: GENIUS Act Heads For Cloture Vote on May 19

Highlights

  • US regulators wants to advance the crucial stablecoin Bill with a scheduled cloture vote
  • The Bill is one of the two major stablecoin regulations that needs Bi-partisan support
  • Crypto regulation is generally advancing in the market amid growing adoption

The United States Senate is preparing for a crucial vote on the Stablecoin Bill, dubbed the GENIUS Act, this coming Monday. After several delays, the bill is finally moving forward with a ‘cloture vote’ scheduled by Senate Majority Leader John Thune. 

The decision marks a turning point for stablecoin regulation in the country, a development that has also drawn national attention and renewed urgency among lawmakers.

Advertisement

Stablecoin Bill Advances To Cloture Vote Stage

In her latest post on X, American Journalist Eleanor Terrett reported that Senator Thune had officially filed for cloture on the GENIUS Act, setting the vote for May 19. This move signals a final push by lawmakers to bring the legislation to the floor after a series of back-and-forth debates.

According to Senate sources, a bipartisan amendment is also under review. The discussed changes include stricter rules for tech companies involved in financial assets, better consumer protection, and tighter oversight of government officials, including figures like Elon Musk. 

They also include clearer rules to prevent the misuse of FDIC insurance and reinforce bankruptcy protections.

These updates could help the bill gain broader support across both parties. The vote will determine whether the Senate is ready for digital asset legislation that balances financial innovation with accountability.

Advertisement

The GENIUS Act: Here’s What It Entails

Senator Bill Hagerty introduced the Bill to regulate stablecoin in the US, laying out a regulatory framework for the token issuers. Stablecoins are digital tokens tied to the U.S. dollar, and the bill focuses on ensuring that issuers follow strict rules on licensing, asset backing, and transparency.

Under the proposed law, large issuers with over $10 billion in assets would fall under the Federal Reserve’s supervision, while state authorities would regulate smaller ones.

All issuers must back their stablecoins with assets like U.S. dollars or Treasury bills. The bill also promotes financial inclusion and aims to help the U.S. dollar remain strong in global markets.

Advertisement

STABLE Act Amid Push for Crypto Oversight

While the Senate prepares for the GENIUS Act vote, the House has already passed a similar stablecoin bill called the STABLE Act. This legislation sets rules for all U.S. dollar-backed stablecoins, including popular tokens like Tether (USDT) and USD Coin (USDC).

Lawmakers backing the STABLE Act believe it will give consumers more protection and help maintain the United States’ leadership in financial technology. 

Congressman Dan Meuser and other supporters say it creates needed guardrails as digital currency use grows. The bill also seeks to stop risky practices by requiring full transparency from stablecoin companies.

CoinGape also noted that the United States Congress is looking to accelerate crypto oversight with the new stablecoin bill. Lawmakers believe the GENIUS and STABLE Acts aim to bring order to a rapidly evolving part of the financial system.

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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

  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub

Michael Saylor highlighted Strategy’s outperformance after the company was excluded from the S&P 500. The…

September 6, 2025
  • 24/7 Cryptocurrency News

Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair

U.S. President Donald Trump has revealed his shortlist of candidates who could potentially replace Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun responded to World Liberty Financial freezing his wallet by promising to purchase $20…

September 6, 2025