Senate to Vote on GENIUS Act as GOP Presses Forward Despite Mounting Opposition
The post Senate to Vote on GENIUS Act as GOP Presses Forward Despite Mounting Opposition appeared on BitcoinEthereumNews.com.
In brief Senate Republicans will hold a Thursday vote on the GENIUS Act, the first federal stablecoin framework, despite Democratic resistance and GOP defections. The latest bill version drew criticism after leaking without formal briefings; nine Democrats and at least three Republicans oppose it. GOP leaders appear to be forcing the vote to frame Democrats as obstructing crypto policy ahead of the 2026 midterms. Senate Republicans are moving ahead with a Thursday vote on the GENIUS Act, a bill aimed at regulating dollar-backed stablecoins, despite mounting opposition from both Democrats and within their ranks, setting the stage for a contentious showdown. Majority Whip John Thune (R., S.D.) filed cloture Tuesday on the motion to proceed with the bill, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act. The legislation would impose licensing, reserve, and disclosure requirements on stablecoin issuers, marking the first major U.S. federal framework for the sector. The bill cleared the Senate Banking Committee in March with bipartisan support. But its prospects have dimmed in recent days. At least three Republican senators—Rand Paul of Kentucky, Josh Hawley of Missouri, and John Kennedy of Louisiana—have come out against the current version, according to Punchbowl News’ Brenden Pedersen. Meanwhile, nine Senate Democrats issued a joint statement Saturday opposing the bill, citing the lack of transparency around recent revisions. It comes as House Democrats staged a walkout of a hearing on Tuesday, led by House Financial Services Committee ranking member Maxine Waters (D-CA) in protest over President Donald Trump’s crypto projects and conflict of interest allegations. Despite the uncertainty, Senate leadership is pressing forward, a move some observers see as politically calculated. With the GOP holding 53 seats and likely unable to reach the 60-vote threshold needed for cloture without significant Democratic crossover, the vote may serve…
Filed under: News - @ May 7, 2025 3:19 am