Senate Advances GENIUS Act After Vote

Senate Advances GENIUS Act with Cloture Vote

• The Senate voted 66-32 to invoke cloture on the GENIUS Act.
• The act is formally known as the Guiding and Establishing National Innovation for US Stablecoins Act.
• Initially a bipartisan effort, it now only has Republican backing after Democratic co-sponsors were removed.
• Bipartisan support dissolved due to concerns about conflicts of interest related to President Donald Trump.
• The bill aims to create a regulatory framework for stablecoins.

The Senate’s cloture vote of 66-32 allows the GENIUS Act to advance for full consideration, despite losing initial bipartisan support over conflict of interest concerns involving President Trump.