Senate Majority Leader John Thune has filed cloture on the GENIUS Act

Washington, D.C. — June 10, 2025

Senate Majority Leader John Thune has filed for cloture on the GENIUS Act, a long-anticipated bill that could set the regulatory foundation for stablecoins in the United States. The procedural move starts the countdown to a key vote later this week. At least 60 votes will be needed to advance the bill toward final passage.

What the GENIUS Act Proposes

The GENIUS Act – short for Guiding and Establishing National Innovation for U.S. Stablecoins, introduces a federal framework for issuing and regulating payment stablecoins. Under the bill:

• Issuers would be required to maintain one-to-one reserves in assets like cash or U.S. Treasuries.
• Both banks and qualified non-bank entities could apply for licenses to issue stablecoins.
• Capital, liquidity, and transparency standards would apply.
• Clear jurisdictional boundaries would be set between regulators like the SEC and banking agencies.

The bill’s goal is to offer consumer protection while allowing stablecoin innovation to grow within the U.S. financial system.

A Bill With a Complicated History

The GENIUS Act has faced multiple delays. An earlier vote in May fell short due to concerns over potential conflicts of interest and questions around enforcement. Lawmakers later reworked sections on oversight, foreign issuers, and anti-money laundering controls.

Recent bipartisan negotiations appear to have resolved several sticking points. Senate leadership now expects enough support from both parties to move the bill through this week.

Divided Opinions in the Senate

The bill has gained support from both sides of the aisle. Proponents argue it will give stablecoin issuers much-needed clarity while reinforcing the role of the dollar in the digital economy. They view the measure as critical to keeping the U.S. competitive in the growing world of digital finance.

However, not all lawmakers are on board. Critics have raised concerns about enforcement gaps, oversight limitations, and the influence of corporate interests. Some have warned that the bill could open doors to regulatory arbitrage or give unfair advantages to large issuers.

What Comes Next

If the Senate advances the GENIUS Act after debate, a final vote could take place as early as Friday. Should it pass, the bill will head to the House for further action. Senate leadership hopes to finalize stablecoin regulation before the July legislative recess.