U.S. Senate Moves Toward First Major Stablecoin Regulation Vote

The U.S. Senate is preparing to vote on the GENIUS Act, a landmark stablecoin regulation bill that could become the first major crypto legislation to advance through Congress. The Guiding and Establishing National Innovation for U.S. Stablecoins Act aims to create a clear regulatory framework for stablecoin issuers and ensure a level playing field for both domestic and foreign companies operating in the U.S. digital asset space.

Senate Majority Leader John Thune is pushing to fast-track the bill, reducing procedural delays and accelerating its path to a floor vote. Although the exact timing remains uncertain, the bill already passed the Senate Banking Committee with strong bipartisan support, 18-6. A similar version also cleared the House Financial Services Committee in April, signaling growing momentum across both chambers.

Senator Bill Hagerty, the bill’s sponsor, emphasized the importance of keeping digital asset innovation in the U.S., protecting consumers, and holding foreign firms to the same standards. His efforts are backed by Senator Tim Scott, chairman of the Senate Banking Committee.

Bo Hines, a senior advisor to President Donald Trump and executive director of the Presidential Council of Advisers for Digital Assets, noted that the Senate and House versions of the bill are approximately 90% aligned. Lawmakers are now working to reconcile remaining differences before final passage.

As stablecoins play an increasingly central role in crypto markets, regulatory clarity is seen as essential to attracting institutional investment and fostering responsible innovation. The GENIUS Act represents a pivotal step in shaping the future of U.S. crypto regulation, potentially setting a global precedent for stablecoin oversight.

This Senate vote could redefine how the U.S. approaches digital currency legislation in the years ahead.