GENIUS Act Clears Senate with 68-30 Vote for Stablecoin Regulation

- GENIUS Act advanced by Senate 68-30, targeting stablecoin regulation. - Bill to enforce stablecoin backing by $ or liquid assets and strict issuer oversight. On June 11, 2025, Cointelegraph reported that the U.S. Senate moved the GENIUS Act forward with a 68-30 vote. PYMNTS.com also reported this advancement on June 11, as did The Block and Politico. This advancement invokes cloture, thereby clearing the way for a final vote on the bill. The GENIUS Act aims to establish a regulatory framework for stablecoins. Senator Tim Scott and Senator Bill Hagerty, both prominent supporters of the regulation, are key political figures involved in the bill's progression. While the bill received bipartisan backing, some Democratic quarters expressed opposition. In addition, President Trump's advisors have signaled support for the bill. The bill primarily aims to ensure stablecoins are backed by $ or liquid assets and to enforce stringent oversight for issuers. However, the House and Senate versions of the legislation approach oversight and foreign issuers differently; therefore, a future conference will be necessary to reconcile these differences before the bill can receive final approval. Next, the Senate will hold a final vote, after which a conference may be convened to reconcile the House and Senate versions of the bill before it can proceed to final approval. As of June 11, 22:09 UTC, the following stablecoins reported their market data: - Tether USDt (USDT) was trading at $1, with a -0.005% change in 24-hour trading volume. - USDC (USDC) was trading at $1, with a -0.007% change in 24-hour trading volume. - World Liberty Financial USD (USD1) was trading at $1, with a 0.02% change in 24-hour trading volume. This data highlights the ongoing activity and stability within the stablecoin market amid regulatory developments.