The U.S. Senate has taken a significant step toward stablecoin regulation, advancing the long-debated Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act following a pivotal 66–32 vote on May 19.
The procedural victory marks a dramatic turnaround after previous Democratic opposition halted progress amid concerns over former President Donald Trump’s expansive involvement in the crypto industry.
The GENIUS Act, championed by Republican Senator Cynthia Lummis, now heads to the Senate floor for formal debate. Speaking earlier on May 15, Lummis expressed optimism that the legislation could pass by Memorial Day, May 26.
Today on the Hill, I spoke with lawmakers – including @SenLummis and @SenGillibrand, and with @semafor‘s @Eleanor_Mueller – about how we’re on the cusp of meaningful laws for stablecoins and building bipartisan momentum for market structure legislation. So close! pic.twitter.com/56rxt9xCBu
— Brian Armstrong (@brian_armstrong) May 15, 2025
This shift in momentum came after key Democratic senators — including Mark Warner, Adam Schiff, and Ruben Gallego — reversed their earlier opposition and voted to invoke cloture. Just two weeks prior, on May 8, Democrats had blocked the bill, citing potential conflicts of interest tied to Trump’s growing crypto empire and concerns about insufficient Anti-Money Laundering (AML) safeguards.
Senator Warner expressed concerns about Trump’s involvement in cryptocurrency but emphasized the need for U.S. leadership in digital finance, warning that failure to act could lead to detrimental external influence. However, the bill faces strong opposition, particularly from Senator Elizabeth Warren, who criticized it for not addressing what she calls Trump’s “blatant crypto corruption” and the potential financial benefits for him and his family if the legislation is enacted.
In recent months, Trump-affiliated ventures have rapidly expanded across the crypto sector, launching a memecoin, a crypto exchange, a mining company seeking public listing, and a stablecoin named USD1, which has already climbed into the top 10 globally by market value, according to CoinGecko.
Senator Bill Hagerty, who introduced the GENIUS Act in February, says the bill is designed to bring accountability and stability to the $250 billion stablecoin market, currently led by Tether’s USDT and Circle’s USDC. The legislation mandates full asset backing, routine security audits, and regulatory approval for all issuers.
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