U.S. Senate Nears Passage of GENIUS Act Stablecoin Bill

The U.S. Senate is edging closer to passing the landmark GENIUS Act, a long-awaited stablecoin regulation bill championed by Sen. Cynthia Lummis (R-Wyo.). Speaking at Bitcoin 2025 in Las Vegas, Lummis admitted the journey has been far more challenging than anticipated, describing the legislative process as “extremely difficult.”

Last week, the bill cleared a major hurdle by surpassing the 60-vote threshold, pushing it into the final discussion stage. A previous attempt had failed due to bipartisan opposition, with crypto critic Sen. Elizabeth Warren (D-Mass.), Sen. Josh Hawley (R-Mo.), and Sen. Rand Paul (R-Ky.) voting against advancing the bill.

Lummis and co-sponsor Sen. Kirsten Gillibrand (D-N.Y.) played a pivotal role in behind-the-scenes negotiations to finalize the bill. Sen. Bill Hagerty (R-Tenn.), another strong backer of the GENIUS Act, highlighted its significance, noting it could be the first bill to pass out of the Senate Banking Committee in eight years.

Despite fierce opposition from Warren, Hagerty emphasized that the legislation stands as one of the most bipartisan efforts in over a decade. He criticized the broader legislative gridlock, stating, “We don’t have the muscle memory anymore to legislate.”

Lummis echoed this frustration, calling the process exhausting but stressing the importance of maintaining creativity and patience. She expressed optimism that the Senate could collaborate with the House on further crypto legislation, referencing the House’s earlier success with the FIT21 market structure bill.

If passed, the GENIUS Act would mark a historic moment for U.S. crypto regulation, potentially paving the way for a more structured and bipartisan approach to digital asset oversight.