GENIUS Act Survives Second Senate Bout, Now Faces Final House Test

Key Takeaways

• The GENIUS Act passed the final Senate hurdle with a 68-30 vote.
• Senate voted 68-30 to invoke cloture on the amended GENIUS Act.
• Senate Majority Leader filed cloture on the Genius Act amendments on Monday.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is now closer than ever to becoming law, thanks to mounting lobbying efforts and a new round of strategic amendments to secure bipartisan backing.

The much-talked-about GENIUS Act passed the final Senate vote with 68-30 in favor, and now moves to the House for the final vote.

This time, lawmakers behind the bill are working to bridge the political divide by introducing changes designed to ease regulatory concerns on both sides of the aisle.

US Stablecoin Bill Inches Closer to Becoming Law

The GENIUS Act passed its final Senate vote on Tuesday, setting the stage for a potential landmark moment in U.S. crypto legislation.

It now heads to the House for one last vote. If approved, it will move to President Trump’s desk for signing—likely before Congress breaks for its August recess.

The legislation has been hailed as a major milestone by both lawmakers and crypto industry leaders.

Senator Tim Scott, GOP Chair of the Banking Committee, called it a “historic day for our nation,” adding that the focus will now shift toward broader market structure reforms.

Treasury Secretary Scott Bessent praised the Senate approval as “the fruits of smart, pro-innovation legislation.”

Senate Votes 68-30 in Favor

On Wednesday, the U.S. Senate voted 68–30 to invoke cloture on the amended GENIUS Act, a significant step forward for the long-debated stablecoin legislation.

A final vote could happen as early as Monday, unless Senate leaders agree to expedite the process.

Despite broad bipartisan support, a handful of Democrats, including Senate Majority Leader Chuck Schumer, Amy Klobuchar, and Elizabeth Warren, voted against the bill.

According to reports , the Senate may hold a few more procedural votes on Thursday, including debate on Democratic objections, consideration of the Hagerty amendment, and a final cloture vote before whole passage early next week.

The bill’s latest version would require all stablecoins to be fully backed by U.S. dollars or similarly liquid assets. It also mandates annual audits for issuers with market capitalizations above $50 billion.

Senate Banking Committee Chair Tim Scott praised the vote as a “major victory for innovation and national security,” highlighting the bipartisan effort behind the bill.

If passed, the GENIUS Act would bring long-awaited regulatory clarity to the stablecoin market, pressuring decentralized and offshore issuers to adapt or risk losing access to U.S. markets.

While the new rules could raise compliance costs and drive consolidation, they may also set the stage for innovation in stablecoin governance and risk management.

GENIUS Act Returns to Senate

According to a report from Crypto in America , the bill’s sponsors hope the newly revised bill will attract broader support, potentially enabling unanimous consent on the Senate floor.

The bill’s initial failure largely stemmed from Democratic opposition and concerns over the scope of regulatory measures.

Among the proposed amendments is a measure from Republican Senator Tommy Tuberville, who advocates for a ban on ownership of stablecoin issuers by Chinese entities and other foreign adversaries.

Democratic Senator Adam Schiff has prioritized transparency, pushing for new disclosure requirements for government officials holding stablecoins.

Meanwhile, Republican Senator Mike Lee is pushing reforms to the Bank Secrecy Act and anti-money laundering (AML) regulations to better align with the evolving crypto landscape.

While the bill initially struggled to gain traction, these changes reflect an effort to balance national security, transparency, and innovation — key concerns from both sides of the aisle.

Fairshake PAC Steps Up Pressure for Clearer Crypto Rules

As legislative sponsors rally to refine the GENIUS Act, the crypto industry’s political arm, Fairshake Super PAC, is ramping up pressure for swift passage.

Funded by major players in the crypto industry, Fairshake has played a significant role in the 2024 U.S. elections, backing candidates supportive of crypto innovation and regulation.

The PAC’s associated nonprofit, Cedar Innovation Foundation, recently published a survey revealing broad public support for new crypto regulations.

The data showed that 58% of voters believe existing financial rules do not adequately address crypto, while 74% want clear federal guidelines to protect consumers and foster innovation.

Support for new legislation cuts across party lines, with 61% favoring federal crypto laws.

With the public and industry pushing for clarity, Fairshake’s efforts add momentum to the push for crypto-friendly policies.

Looking Ahead: Can the GENIUS Act Bridge Partisan Divides?

The GENIUS Act’s return to the Senate is pivotal for the crypto sector.

Strategic amendments and heightened industry advocacy could prove decisive in bridging partisan divides that stalled the bill’s initial progress.

Lawmakers must balance national security, consumer protection, and innovation concerns while addressing political sensitivities surrounding crypto’s high-profile supporters.

The outcome will likely shape the U.S. regulatory landscape for stablecoins and digital assets for years.