Taking a Leap: The Latest on the GENIUS Act
Legislation Slated for Senate Vote: GOP Drives FORWARD on GENIUS Act Amidst Growing Resistance
Senate Republicans are gunning for a Thursday showdown, pushing ahead with a vote on the GENIUS Act—the first federal bill proposing a stablecoin framework. However, the bill faces robust opposition from both Democrats and within the GOP ranks, setting the stage for a heated battle.
Majority Whip John Thune (R., S.D.) has thrown his hat into the ring, filing cloture on the motion to proceed with the bill, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act.
This ambitious legislation would impose licensing, reserve, and disclosure requirements on stablecoin issuers, potentially marking the first major U.S. federal framework for the sector.
After sailing through the Senate Banking Committee with bipartisan support in March, the bill's prospects took a nose dive. At least three Republican Senators—Rand Paul of Kentucky, Josh Hawley of Missouri, and John Kennedy of Louisiana—have publicly voiced their opposition, according to sources.
Meanwhile, a joint statement from nine Democratic Senators criticizes the bill, decrying the lack of transparency surrounding recent revisions.
As House Democrats staged a walkout of a hearing on Tuesday, led by Rep. Maxine Waters (D-CA) in protest over President Donald Trump's crypto ventures and conflict of interest allegations, the political tension only escalates.
Despite the uncertainty, Senate leadership is forging ahead—a move some analysts view as politically strategic. With the GOP holding 53 seats, it may struggle to reach the 60-vote threshold needed for cloture without significant Democratic support, and this vote could be a way to position blame for failure on the Democrats ahead of the 2026 midterms.
The bill's latest draft leaked informally last week, causing confusion among lawmakers and staff. Some Democrats claim they were not briefed on key changes, adding fuel to the fire.
There's no denying the GENIUS Act's importance, though. Supporters argue that the bill could play a vital role in maintaining U.S. leadership in digital asset innovation.
"We're at a crossroads here," Senator Bill Hagerty (R., Tenn.) tweeted last week. "Do we move forward and make any necessary adjustments in a bipartisan way, or show that digital asset and crypto legislation remains an exclusively Republican issue?"
Crypto-leaning PACs like Fairshake are gearing up for significant spending in upcoming races, further intensifying the stakes of Thursday's vote.
Stay tuned for updates on this unfolding drama!
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- The GENIUS Act, a federal bill proposing a stablecoin framework, is facing opposition from both Democrats and within the GOP ranks, setting the stage for a heated battle.
- The bill's latest draft leaked informally last week, causing confusion among lawmakers and staff, with some Democrats claiming they were not briefed on key changes.
- Crypto-leaning PACs like Fairshake are gearing up for significant spending in upcoming races, further intensifying the stakes of Thursday's vote on the GENIUS Act.
- The GENIUS Act, if passed, could potentially mark the first major U.S. federal framework for the digital asset sector, including crypto projects and stablecoins.
