U.S. Senate Takes Steps Toward Implementing Stablecoin Legislation

The Senate of the United States is poised to cast a vote soon on a significant piece of legislation designed to create regulations for stablecoin issuers, marking a notable moment as the chamber engages with a major cryptocurrency-related bill.

Initiated by Senate Majority Leader John Thune, a Republican from South Dakota, efforts are underway to accelerate the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This bill is part of a parallel legislative approach, aligning with two similar initiatives currently advancing through Congress. The House of Representatives is anticipated to follow closely with its own voting agenda. Thune’s push for rapid progression of the bill aims to minimize delays and expedite the process. While the precise timing of the Senate vote remains uncertain, a previous vote within the Senate Banking Committee resulted in a strong bipartisan approval of 18-6. Similarly, the House Financial Services Committee moved forward with its comparable bill in April.

Senator Bill Hagerty, a Republican from Tennessee and the author of the GENIUS Act, expressed optimism about swiftly moving it forward. He emphasized the need for regulatory clarity to support innovation in digital assets within the U.S. and to ensure that international competitors adhere to the same guidelines. The bill also enjoys support from Senator Tim Scott, who chairs the Senate Banking Committee.

Earlier this week, Bo Hines, a notable figure associated with cryptocurrency advisory under the Trump administration, indicated that there is a high degree of similarity—around 90%—between the two congressional bills, highlighting mutual efforts to resolve any discrepancies.

Hagerty noted his intention to present an updated version of the bill, which he indicated would be introduced earlier on Thursday.