U.S. Senate Advances Stablecoin Bill After Bipartisan Breakthrough

After weeks of behind-the-scenes wrangling, the U.S. Senate has voted 66–32 to advance the GENIUS Act—pushing long-awaited stablecoin legislation one step closer to reality.

Once dismissed due to concerns around consumer protection and ethical loopholes, the bill was revived through bipartisan compromise. Lawmakers revised sections on political influence and issuer accountability, earning just enough support to move forward.

Not all lawmakers are on board. Senator Elizabeth Warren continues to oppose the bill, warning it still poses risks to consumers and financial stability.

Despite criticism, crypto advocates are calling the vote a watershed moment. Senator Bill Hagerty says the legislation could drive over $1 trillion in demand for U.S. Treasuries and secure the dollar’s role in digital payments.

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Supporters also point to its potential to establish regulatory certainty for fiat-backed stablecoins. Industry groups like Chainlink and the Cedar Innovation Foundation hailed the progress as a sign the U.S. is finally preparing to lead on digital finance policy.

The bill now heads to the House, where its final form will face further scrutiny.

Alexander Stefanov