Senate backs stablecoin bill requiring full reserves, annual audits
U.S. Senate advances GENIUS stablecoin bill toward final vote
The U.S. Senate has voted to end debate on the Guiding and Empowering National Innovation for Unified Standards (GENIUS) Act, a major stablecoin regulation bill, moving it toward final passage next Monday.
After extended deliberations, the Senate voted 68–30 in favor of closing debate and proceeding to a final vote on the already-approved version of the bill.
The Senate's version requires that stablecoins be fully backed by U.S. dollars or similar liquid assets and mandates annual audits for issuers with a market cap exceeding $50 billion.
On Monday, advisors to President Donald Trump issued a policy statement in support of the legislation. Trump has expressed a desire to have the bill on his desk for signing by August.
Senate Banking Committee Chair Tim Scott (R-SC), a co-author of the bill, called it a major win for innovation and national security, highlighting the bipartisan effort.
“To those who say Washington can’t act, to those who doubt bipartisanship—let’s prove them wrong,” Scott said before the vote.
However, several Senate Democrats opposed the bill, including Senate Minority Leader Chuck Schumer (D-NY), Amy Klobuchar (D-MN), and Elizabeth Warren (D-MA).
Democratic criticism and competing house proposal
Senator Warren spoke out against the GENIUS Act on the Senate floor, saying it is “riddled with loopholes and provides weak protections for consumers, national security, and financial stability.”
She reiterated concerns about Trump’s ties to the crypto platform World Liberty Financial, supported by his family, and the potential for political access in exchange for meme coin holdings.
“Through his crypto business, President Trump has created an effective way to trade presidential favors—such as tariffs, pardons, and appointments—for hundreds of millions, possibly billions, from foreign governments, billionaires, and major corporations,” Warren said.“Passing GENIUS will not only bless this corruption—it will accelerate it.”
Despite the criticism, several Democrats, including Senator Ruben Gallego (D-AZ), supported the bill.
The GENIUS Act is likely to pass the Senate on Monday. However, its future in the House remains uncertain, as the House Financial Services Committee has put forward its own version emphasizing stablecoin transparency and accountability.
As we wrote, Senators oppose GENIUS Act over security concerns
