Overview

• Senators voted 68-30 to invoke cloture on the GENIUS Act, ending debate and clearing the way for a final Senate vote.
• The bill mandates full backing of stablecoins with U.S. dollars or similar liquid assets and annual audits for issuers above $50 billion in market capitalization.
• John Thune said he hopes President Trump will sign the legislation into law promptly after both chambers approve it.
• Eighteen Democrats joined all Republicans in the procedural vote while some Democrats flagged potential loopholes in anti-money laundering standards and foreign issuance.
• The measure heads next to the House, where lawmakers are also advancing the CLARITY Act to establish a regulatory framework for digital assets.