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The long-stalled Senate stablecoin bill is now charging forward with new urgency. The bipartisan Generating New Innovations Using Stablecoins (GENIUS) Act overcame a crucial procedural vote Monday night, positioning what could become America’s first comprehensive federal stablecoin framework for a full Senate vote before the August recess.
The bill, which had failed a similar vote just two weeks prior, now appears poised for passage following renewed bipartisan support and strategic revisions to the legislation.
The shift signals a turning point in crypto legislation. The GENIUS Act—short for “Guaranteed Electronic Network for Issuing United States Stablecoins”—suffered an initial setback earlier this month, primarily due to political friction within the Democratic Party. Ethics concerns about former President Donald Trump’s crypto ties had threatened the bill’s support base.
But in a stunning political reversal, several key Democratic senators—Ruben Gallego (D-AZ), Mark Warner (D-VA), Lisa Blunt Rochester (D-PA), Kirsten Gillibrand (D-NY), and Angela Alsobrooks (D-MD)—all switched their stance to support the Senate Stablecoin bill during Monday’s vote. Notably, Gillibrand and Alsobrooks had originally co-sponsored the GENIUS Act before voting against it in the earlier cloture round.
“This is a bill that provides real consumer protections while allowing responsible innovation,” said Senator Kirsten Gillibrand, speaking to reporters after the vote. “It’s time the U.S. took the lead on stablecoin regulation.”
Having cleared the 60-vote threshold, the Senate Stablecoin bill is now positioned for a full Senate vote as early as tomorrow. A senior Senate aide confirmed to Decrypt that if the current momentum holds, passage is virtually guaranteed. The bill would then head to the House, and if approved, land on President Trump’s desk for final signing.
If enacted, the GENIUS Act will establish a formal legal framework for the issuance and oversight of stablecoins in the U.S.—a long-awaited move that could unlock billions in institutional capital. Stablecoins, digital tokens typically pegged to the U.S. dollar, are vital tools in the crypto ecosystem for trading, cross-border payments, and decentralized finance (DeFi).
Financial experts say the bill’s passage could usher in a new era for U.S. crypto.
“Wall Street wants clarity,” said Nic Carter, partner at Castle Island Ventures. “If the Senate Stablecoin bill becomes law, we’ll see major institutions entering the space almost immediately.”
The resurrection of the Senate Stablecoin bill comes on the heels of a revised draft negotiated last week. Democrats claim the updated version contains significant Republican concessions—chiefly in the areas of ethics, national security, and consumer privacy.
One major update prohibits senior executive branch officials from launching their own stablecoins. However, critics note that the president and vice president are still exempt—leaving lingering concerns over Trump’s crypto involvement unresolved.
Behind the legislative pivot lies a tidal wave of industry lobbying. Coinbase, one of America’s largest crypto platforms, went all-in over the weekend to push the Senate Stablecoin bill through.
“We’re calling on Congress to pass the GENIUS Act now,” urged Coinbase CEO Brian Armstrong in a video posted to X (formerly Twitter). “This is critical for U.S. competitiveness and innovation.”
Coinbase’s political action arm, Stand With Crypto, turned up the pressure by threatening to downgrade senators’ ratings if they failed to support the bill—an escalation not seen in the first failed vote. The platform even issued in-app alerts urging users to contact their lawmakers in support of the GENIUS Act.
While the House vote remains, analysts believe bipartisan momentum could carry the bill across the finish line before Congress adjourns for summer recess.
“This is the most progress we’ve seen in years on any crypto legislation,” said Jake Chervinsky, chief policy officer at the Blockchain Association. “The Senate Stablecoin bill could finally give the U.S. a seat at the global crypto regulation table.”
With the Senate Stablecoin bill set to face its next vote within days, the crypto industry may be on the brink of its most consequential policy win yet.
The Senate Stablecoin bill started as a long shot. Now it’s one vote away from becoming law. The Bit Gazette will continue to observe the market and report as events unfold.
