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The GENIUS Act, a bill focused on creating a clear framework for stablecoin regulation in the United States, is heading to a full vote in the Senate. Lawmakers have scheduled the vote for Tuesday, June 17, following a successful cloture motion earlier in the week.
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The Senate will now consider the final version of the GENIUS Act—short for Guiding and Establishing National Innovation for US Stablecoins. After the cloture motion succeeded on Wednesday, attention turned to the full chamber vote scheduled for June 17.
A notice from Senate Democrats confirmed the upcoming decision, stating: “The Senate will vote on passage of the bill, as amended, at a time to be determined by the Majority Leader in consultation with the Democratic Leader.” Majority Leader John Thune and Minority Leader Chuck Schumer will coordinate the timing of the floor vote.
If approved, the bill would offer a formal legal structure for stablecoins in the U.S. market. This includes setting standards for issuance, compliance, and oversight of payment stablecoins, which are cryptocurrencies designed to maintain a fixed value, usually tied to the U.S. dollar.
Lawmakers have proposed several amendments, one of which aims to block elected officials and their families from benefiting financially through links to crypto-related businesses. The amendment responds to growing concern about potential conflicts of interest as the crypto sector gains more political attention.
While the cloture vote suggests broad support, not all senators agree. Senator Josh Hawley of Missouri has criticized the bill, calling it a “huge giveaway to Big Tech.” He plans to vote against the final version.