This evening, the Senate Stablecoin Bill, the Genius Act, or The Guiding and Establishing National Innovation for U.S. Stablecoins (S 1582), garnered sufficient votes on a cloture motion to proceed in the Senate. Previously, on May 8th, the bill failed to gain the needed votes to end debate on the legislation. Several prominent Republicans voted against the motion temporarily delaying the bill.
Today, the motion to advance the legislation, which aims to regulate the stablecoin sector, received 66 votes for and 32 against and will now proceed to a final vote. Updates to the language of the bill helped to gain the support of multiple Democrat Senators.
Several prominent Republicans did not support the motion. Senators Rand Paul and Jerry Moran voted against it, and Senator Josh Hawley did not vote at all. It has been reported that Hawley and Paul wanted stricter AML and security provisions in the bill.
Ji Kim, President and Acting CEO of the Crypto Council for Innovation, said the successful vote to advance the Genius Act was truly historic and demonstrates exactly how Congress is meant to work.
“This vote reflects months of dedicated staff work and significant negotiations and input from both Republican and Democratic offices that substantially improved this bill. CCI sincerely thanks all Senators and their staff who recognized the need for a comprehensive framework for stablecoins and voted yes tonight.”
He added that legislation is needed to ensure US leadership in global digital finance.
A final vote is expected to take place soon.