Overview

• The Senate voted 66-32 on May 19 to advance the GENIUS Act, which establishes a federal framework for regulating stablecoins, moving it toward final consideration.
• The bill includes enhanced provisions on anti-money laundering, consumer protections, and national security, and limits Big Tech from issuing stablecoins.
• Democratic opposition, led by Sen. Elizabeth Warren, persists over concerns that the bill could benefit President Trump’s crypto ventures, including his family-backed stablecoin USD1.
• Supporters, including Sen. Mark Warner, argue the legislation is critical to regulating a $250 billion market, fostering innovation, and preventing financial instability.
• Final passage debates are expected to begin this week, with amendments likely to address remaining divisions among lawmakers.