MEXCUS Senate To Vote On Stablecoin Bill Before May 26: Report
Highlights
- Majority Leader John Thune has informed Republican Senators that the Senate will vote on the stablecoin bill before Memorial Day.
- The bill is expected to gain bipartisan support and easily pass as law.
- Also known as the GENIUS Act, this bill could be the first major crypto legislation from Congress.
The US Senate will allegedly vote on the Stablecoin bill before May 26. The bill, also known as the GENIUS ACT, will help provide clarity and regulate stablecoins, such as Tether’s USDT and Circle’s USDC.
US Senate To Vote On Stablecoin Bill Before Memorial Day
According to a Politico report, Senate Majority Leader John Thune has privately informed GOP Senators that the upper chamber will vote on the landmark stablecoin bill before Memorial Day, which comes up on May 26. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act forms part of this administration’s plans to provide regulatory clarity for the crypto industry.
The report noted that the bill will likely draw bipartisan support on the floor of the Senate, considering that five Democrats already voted in support at the Senate Banking Committee level. If passed, this bill could be the first major US crypto legislation, which will represent a massive win for the crypto industry, which has been clamouring for regulatory clarity for a while now.
Pro-crypto Republican Senator Cynthia Lummis also suggested that this report was true, as she reacted to it in an X post. The senator has been vocal about her support for digital assets and recently called out the Federal Reserve for its crypto policy withdrawal.
The leading stablecoin issuer, Tether, will undoubtedly be keeping an eye on whether the stablecoin bill passes or not. As CoinGape reported, the USDT issuer plans to launch a stablecoin exclusively for US clients. The firm’s CEO, Paolo Ardoino, remarked that they are awaiting the new rules for stablecoin regulation before making their next move.
This development also comes amid reports that USDC issuer Circle could go public soon. The stablecoin had initially planned to file an IPO this month, but delayed the plan following Trump’s tariffs, which negatively impacted global markets. The USDC issuer just acquired a license from Abu Dhabi’s financial regulator to operate a money service business.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
Related Articles
- Strategy Raises $715M to Buy More Bitcoin Through New Preferred Stock
- JPMorgan Reveals $340M BlackRock Bitcoin ETF Bet Amid Crypto Treasury Decline
- Arthur Hayes Bets Big on Zcash as It Tops $10B and Surpasses Hyperliquid
- Kalshi Sees Nearly 50-Day Shutdown As Bitcoin Now Mirrors Nasdaq
- Breaking: Crypto Market Structure Bill Faces Delay Amid U.S Senate Drafting Issues
- Dogecoin Price Reacts as Bitwise Spot ETF Expected to Go Live in Late November
- NEAR Protocol Price Surges 37% as Open Interest Jumps 59% — Is $5 the Next Target?
- Can Ethereum Price Break Below $3k as Exchange Reserves Hit Record Lows?
- Avalanche Price Nears 60% Jump Ahead of Granite Upgrade as AVAX Burn Rate Jumps
- Bitcoin Price Crashes Below $100K: What’s Driving the Drop?
- Zcash Price Surges 24% as November 2025 Halving Hype Grows – Is $1,000 Next?
