Senate Stablecoin Bill Passes Key Vote as GENIUS Act Regains Momentum

Against all odds, the Senate’s stablecoin bill has regained political momentum, passing a key procedural vote Monday evening that has set the legislation on track for passage within days. Less than two weeks ago, the bill, dubbed the GENIUS Act, But tonight, key Democrats jumped back aboard the measure. Having received more than 60 votes, the bill will now cruise towards a full floor vote, which could happen as soon as tomorrow, one Senate source familiar with the matter told The bill would then need to pass a vote in the House before heading to President Trump’s desk. If signed into law, the GENIUS Act would establish a framework for legally issuing stablecoins in the United States. Stablecoins are crypto tokens, generally pegged to the U.S. dollar, that allow holders to enter and exit digital asset trades without accessing fiat currencies directly. They can also be used to easily send payments and remittances across borders. It is anticipated that once stablecoin legislation passes, once-hesitant Wall Street giants will flood the sector, bringing billions of dollars, if not trillions, into crypto.What gave the GENIUS Act new wings just days after the bill nearly death spiraled? Last week, Senate Democrats ironed out a But it’s unclear if those measures will have enough teeth to make them enforceable. While the new draft forbids all senior executive branch officials from launching their own stablecoins, for example, it still allows the president and vice president to do so—sidestepping the Trump-related concerns that made ethics a prominent issue for the legislation in the first place. In a similar vein, Another factor that may have shifted political calculus enough to get the GENIUS Act over the 60-vote hump: increased lobbying pressure from industry leaders, who realized that if the bill didn’t pass, hopes for passing any crypto legislation on Capitol Hill this year Coinbase, for instance, which boasts a tremendous lobbying presence in Washington, had previously The firm’s CEO, Brian Armstrong, made Behind such signifiers churns an immense amount of money. Last year Coinbase, along with a handful of other major American crypto companies, raised