GENIUS Act wins crucial vote, heads to Senate floor vote

The U.S. Senate voted 68-30 on Wednesday to invoke cloture on the GENIUS Act, a major stablecoin bill, paving the way for a final floor vote scheduled for next Monday.

If passed, the bill could set the first national regulatory framework for stablecoins in the United States.

The GENIUS Act—short for the Guiding and Establishing National Innovation for US Stablecoins—requires stablecoin issuers to maintain 100% reserves, submit to annual audits if they hold over $50 billion in market cap, and adhere to rules for foreign issuers.

It could serve as a benchmark for stablecoin regulation in the U.S. financial system.

Senate Majority Leader John Thune spoke in favor of the bill, aligning with President Donald Trump’s stance on digital assets. “We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” Thune said.

However, not all lawmakers were on board. Senator Elizabeth Warren criticized the bill for failing to address bipartisan amendments and warned of the political risks linked to Trump’s crypto dealings.

“By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,” she said, referencing Trump’s ties to a crypto platform backed by his family.

Crypto’s ‘pivotal shift’

Industry leaders say the bill could unlock new institutional participation. Yuval Rooz, CEO of blockchain firm Digital Asset, called it a “pivotal shift” in crypto regulation.

“The passage of the GENIUS Act marks a long-awaited shift from regulation by enforcement to regulation by clarity,” Rooz said in a note obtained by crypto.news. “It provides banks with a clear framework to confidently engage with stablecoins, unlocking stalled strategies by ensuring full reserves, regular audits, and substantive consumer protections.”

Rooz emphasized that “regulation alone isn’t enough,” highlighting the importance of privacy and control. “These aren’t optional features; they are foundational to institutional trust,” he added.

As the Senate prepares for Monday’s final vote, the GENIUS Act’s fate could shape the future of U.S. crypto policy—and influence how stablecoins are used in both traditional and decentralized finance.