Overview

• Senators voted 68-30, including 18 Democrats, to invoke cloture on the Guiding and Establishing National Innovation for U.S. Stablecoins Act, surpassing the 60-vote threshold needed to end debate.
• The legislation would require stablecoins to be fully backed by U.S. dollars or similar liquid assets, impose annual audits for issuers with more than $50 billion in market capitalization and add language addressing foreign issuance.
• Senate Majority Leader John Thune said he expects a final Senate passage within days and hopes the House will move quickly to approve a companion digital assets bill for President Trump’s signature.
• Backers such as Sen. Bill Hagerty and Sen. Kirsten Gillibrand contend the bill will protect consumers, spur innovation, boost cross-border payment efficiency and maintain U.S. competitiveness in digital finance.
• Opponents led by Sen. Elizabeth Warren and Sen. Jeff Merkley warn the act could facilitate corruption, threaten national security and lack safeguards to prevent conflicts of interest tied to President Trump’s crypto ventures.