A bipartisan cryptocurrency bill aimed at establishing a regulatory framework for stablecoins cleared a key procedural hurdle in the US Senate on Wednesday, moving one step closer to final passage after weeks of debate and negotiation, Politico reports.
The Senate voted 68-30 in favor of advancing a substitute amendment to the bill, which includes revisions made to secure broader Democratic support. The updated text follows negotiations between Republican and Democratic lawmakers, with changes reflecting compromises reached last month.
Spearheaded by Sen. Bill Hagerty (R-Tenn.), the legislation would mark the first comprehensive federal regulatory framework for stablecoins—digital tokens pegged to the US dollar. Hagerty described the bill as a “common-sense, bipartisan approach” to ensuring clarity and oversight in the growing digital asset sector.
Despite support from many lawmakers in both parties, the bill has faced resistance from some Senate Democrats. Sen. Elizabeth Warren (D-Mass.), a leading voice on financial regulation, opposed the measure on the Senate floor, arguing it contains “loopholes” and lacks adequate protections for consumers, financial stability, and national security.
Nevertheless, 18 Democrats broke ranks with Warren and Senate Minority Leader Chuck Schumer (D-N.Y.) to vote in favor of moving forward. Some senators, including Sens. Andy Kim (D-N.J.) and John Hickenlooper (D-Colo.), shifted their votes in support of the bill after opposing an earlier procedural motion. Meanwhile, Sen. Lisa Blunt Rochester (D-Del.) reversed her previous support and voted against the amendment.
With the latest procedural motion passed, the Senate is now positioned to adopt the revised bill text and begin voting on the broader legislation later this week. However, a final vote could be delayed depending on whether an agreement is reached on further amendments.
Majority Leader John Thune (R-S.D.) has attempted to expedite the process by seeking a deal to allow votes on individual amendments, but progress has been hampered. One key sticking point is a push by Sen. Roger Marshall (R-Kan.) to attach unrelated legislation targeting credit card swipe fees—a proposal that some fear could derail the bill.
If no agreement is reached on amendments or debate time, the Senate could proceed to a final vote as early as Monday.
Calling for swift action, Thune said Wednesday, “It’s time to move forward and pass this legislation,” highlighting the bipartisan effort behind the latest version of the GENIUS Act.
