US Senate Set to Take Up Stablecoin Bill
US Senate Majority Leader John Thune has initiated a vote on a bill that would set rules for stablecoin issuers.
Jesse Hamilton | Edited by Nikhilesh De May 1, 2025 11:32 PM
The U.S. Senate could soon vote on a bill that would set rules for stablecoin issuers in the country. It would also be the first time the chamber has considered a major cryptocurrency bill.
Senate Majority Leader John Thune, a South Dakota Republican, has initiated the process of expediting the Guidance and Establishment of National Innovation for U.S. Stablecoins (GENIUS) Act, which is a version of two similar bills pending in both chambers of Congress. The House is expected to be watching closely for its own vote. Thune’s move to expedite the bill is intended to reduce delays and floor action to make the process faster. It is currently unclear when exactly the Senate vote will take place, but an earlier vote on the bill in the Senate Banking Committee received broad bipartisan support, with a vote of 18-6. The House Financial Services Committee also introduced a similar bill in April.
“I look forward to swift passage of the GENIUS Act to help keep digital asset innovation in America, protect customers, and ensure that foreign companies are held to the same standards,” said Sen. Bill Hagerty, R-Tenn., the bill’s sponsor, in a statement. It is co-sponsored by Sen. Tim Scott, the chairman of the Senate Banking Committee.
Bo Hines, executive director of the President's Council of Advisors on Digital Assets and a self-described crypto sherpa for President Donald Trump, told CoinDesk earlier this week that the two bills are 90% identical and that members of both chambers are working to iron out the differences.
Hagerty said he would introduce an updated version of the bill on Thursday.
