U.S. Senate Takes Steps to Address Stablecoin Legislation

The U.S. Senate may soon vote on legislation that would establish U.S. regulations for the issuers of stablecoins, marking the first time the chamber has considered a major crypto bill. Senate Majority Leader John Thune, a Republican from South Dakota, initiated the process to fast-track the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which aligns with two similar bills progressing through both chambers of Congress. The House of Representatives is expected to follow suit with its own voting schedule. Thune’s effort to expedite the bill aims to limit delays and facilitate prompt action.

While the exact timing of the Senate vote is still uncertain, a prior vote in the Senate Banking Committee approved the measure with a strong bipartisan majority of 18-6. The House Financial Services Committee also advanced its similar bill in April.

“I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and ensure foreign companies adhere to the same regulations,” stated Senator Bill Hagerty, the Tennessee Republican who authored the bill. The legislation is also supported by Senator Tim Scott, the chairman of the Senate Banking Committee.

President Donald Trump’s self-described crypto advisor, Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets, indicated earlier this week that the two bills are roughly 90% similar and that members of both chambers are working to reconcile the differences. Hagerty mentioned he would introduce an updated version of the bill earlier Thursday.