The US Senate has moved the GENIUS Act one step closer to becoming law, following a 66–32 cloture vote on May 19.

The vote signals rare bipartisan support, with over a dozen Democrats joining Republicans to move the bill forward after weeks of negotiation.

Notably, its approval sends the proposed stablecoin legislation to the House floor for further deliberation.

GENIUS Act

The GENIUS Act had initially met stiff resistance, especially from Democratic lawmakers, who criticized its provisions around limited consumer protections, lack of accountability for corporate issuers, and ethical exemptions for political figures like Donald Trump.

This opposition resulted in a failed vote earlier this month.

However, closed-door talks between Senate leaders and crypto policy advocates helped reshape the conversation.

The lawmakers from both parties made concessions to address consumer rights, transparency in political influence, and ethical guardrails for tech companies.

These revisions satisfied some previously undecided lawmakers, helping the bill clear this latest procedural hurdle.

Still, not everyone is convinced. Senator Elizabeth Warren, a strong crypto critic, remains firmly opposed.

The lawmaker warned that despite its improvements, the bill still leaves significant gaps that could expose consumers and national financial systems to risk.

She said:

“There is no excuse for Congress to pass a crypto bill that will turbocharge Trump’s corruption.”

Community celebrates passage

Proponents of the GENIUS Act view the Senate’s approval as a landmark moment for the digital asset sector.

Senator Bill Hagerty praised the bill’s potential to reinforce the US dollar’s global status while boosting demand for US Treasuries by over $1 trillion.

He said:

“The GENIUS Act skyrockets the United States with a digital payment framework with the fastest rails possible. It will ensure US dollar dominance. Customers will be protected, the demand for U.S. treasuries will balloon to the tune of more than $1 trillion, and innovation in the digital asset space will thrive in the United States going forward.”

Bo Hines, Executive Director of the President’s Council of Digital Asset Advisors, echoed that sentiment, calling the legislation a strategic upgrade to the US payments system. He added that it will help secure the country’s leadership in the digital economy.

Meanwhile, Oracle blockchain network Chainlink highlighted the broader impact, stating that the GENIUS Act could provide regulatory certainty for fiat-backed stablecoins and drive adoption globally.

Similarly, the Cedar Innovation Foundation told CryptoSlate the legislation approval reflects voter support for comprehensive digital asset rules and prepares Congress to advance broader market structure reforms.

The post Rare bipartisan support moves GENIUS Act closer to law despite key Democrats opposition appeared first on CryptoSlate.

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Filed under: Bitcoin - @ May 20, 2025 9:00 am