The GENIUS Act, stablecoin legislation, is poised to move towards a Senate floor vote following a Cloture Motion, which was approved 68 to 30 with two members not voting. Senator Bill Hagerty of Tennessee sponsored the legislation.
A cloture motion is a procedure that ends debate on a bill, allowing the Senate to vote on the legislation, which is likely to pass.
The GENIUS Act, which provides regulatory clarity for the issuance and management of stablecoins as well as key consumer protections, garnered bipartisan support. Voting against the motion were two Republicans, Senators Josh Hawley and Rand Paul.
Yuval Rooz, CEO of Digital Asset, stated that the eventual passage of the GENIUS Act will represent a pivotal shift in stablecoin regulation, which has long been anticipated by industry participants. He said it would unlock “Institutional confidence in the U.S. market.”
“The Act provides banks with a clear framework to confidently engage with stablecoins, unlocking stalled strategies by ensuring full reserves, regular audits, and substantive consumer protections. These guardrails boost regulatory and institutional trust, expanding the reach of secure, dollar-backed digital currencies across both retail and institutional markets,” said Rooz. “But let’s be clear, regulation alone isn’t enough. As adoption continues to accelerate, we must also prioritize authority, control, and privacy. These aren’t optional features; they are foundational to institutional trust.”
Rooze said they hope the legislation will dismantle barriers between traditional and decentralized finance by providing clear guardrails and “embedding trust-driven design principles.
“We’re paving the way for a safer, more open, and resilient financial ecosystem powered by compliant and transparent digital dollars.”
It was not immediately clear when the bill would move to a floor vote, but expectations are for a final vote over the next few days.
I’m on my way to the Senate floor to give a speech ahead of the vote on the GENIUS Act. Let’s get it done. pic.twitter.com/mXnnxozdt8
— Senator Bill Hagerty (@SenatorHagerty) June 11, 2025