Senate advances GENIUS Act after cloture vote passes

Senate efforts to advance stablecoin regulation gained momentum today as lawmakers approved a key procedural vote on the GENIUS Act, clearing the way for formal debate.

The cloture motion on the GENIUS Act, also known as the Guiding and Establishing National Innovation for US Stablecoins Act, passed by a vote of 66-32, surpassing the 60-vote threshold required to overcome a filibuster.

With cloture invoked, the bill now advances to the Senate floor for full consideration and potential amendments.

The GENIUS Act, introduced by Senator Bill Hagerty, began as a bipartisan effort with co-sponsors including Senators Tim Scott, Cynthia Lummis, Kirsten Gillibrand, and Angela Alsobrooks. However, in its latest iteration, the Democratic co-sponsors were removed, and the bill now has only Republican backing.

The legislation, which is aimed at creating a regulatory framework for stablecoins, had previously secured bipartisan support in the Senate Banking Committee in March.

However, the bill lost momentum as Democrats withdrew their backing over concerns about potential conflicts of interest related to President Donald Trump and Trump-affiliated stablecoin issuer World Liberty Financial (WLF).

This is a developing story.