Amidst bipartisan opposition, the Senate Republicans will hold a vote tomorrow to establish stablecoin regulation. The Guiding and Establishing National Innovation for U.S. (GENIUS) Stablecoins Act, which cleared the Senate Banking Committee in March, if approved by the House, will become the first stablecoin regulatory framework to be established in the U.S. The move to go for a vote on Thursday came after Majority Whip John Thune (R., S.D.) filed cloture on Tuesday after the motion faced bipartisan resistance.
Reportedly, at least three Republicans, Rand Paul of Kentucky, Josh Hawley of Missouri, and John Kennedy of Louisiana, opposed the current version of the bill. Joining these opponents, nine Democrats signed a joint letter last Saturday stating, “ the bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements.”
The Democrats showed their objection again on Tuesday, staging a walkout of the hearing, led by House Financial Services Committee ranking member Maxine Waters (D-CA) in protest over President Donald Trump’s crypto projects.
With three opponents in the Grand Old Party, which has 53 seats, it will be impossible for the Republicans to clear the bill without a hand from the Democrats, as the bill requires 60 votes. Although the decision by the GOP to file cloture and go ahead with a vote despite the likelihood of failure seems irrational, however, sources say that the Republicans might use this as leverage to pin blame on the Democrats for failure ahead of the 2026 midterms.
Senator Bill Hagerty stated on X, “We have a choice here. Move forward and make any remaining changes needed in a bipartisan way, or show that digital asset and crypto legislation remains a solely Republican issue.”
