Nikolas Sargeant
The US Senate voted 66-32 on May 19 to advance the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), marking a major step toward formal stablecoin regulation. The bipartisan vote comes after a previous failed attempt earlier in May, when concerns about former President Donald Trump’s crypto involvement halted the bill’s progress.
Several Democrats who had initially opposed the bill shifted their stance, allowing the Senate to invoke cloture and begin formal debate on the legislation. Democratic Senator Mark Warner defended the shift, stating the US could no longer afford to “stand on the sidelines” of crypto regulation. However, not all Democrats were convinced — Senator Elizabeth Warren maintained her opposition, citing the bill’s failure to address what she called Trump’s “blatant crypto corruption.”
The GENIUS Act aims to create a regulatory framework for stablecoins in the US, addressing transparency, Anti-Money Laundering provisions, and innovation incentives. Some Democrats had voiced concern that the bill was overly accommodating to Trump-linked ventures and lacked sufficient safeguards. Despite that, the strong Senate vote signals growing political momentum for crypto regulation.
Republican Senator Cynthia Lummis, one of the bill’s lead sponsors, said she hopes to see the bill passed by May 26. The GENIUS Act’s progression places the US closer to establishing federal guardrails on stablecoins — a sector seen by regulators as increasingly influential and in need of oversight amid the global rise in crypto investments.
