Senate advances stablecoin bill in cloture vote redo

The Republican-sponsored GENIUS Act has passed a key procedural vote in the US Senate. 

share

The Republican-sponsored GENIUS Act, which seeks to establish regulatory guidelines for stablecoins, has passed a key procedural vote in the US Senate. 

The legislation is now clear to advance to a full floor vote. The cloture vote passed  66-32 on Monday evening.

The passage comes after a cloture vote on the GENIUS Act failed earlier this month in a 48-49 vote. 

Senators have been negotiating elements of the bill over the past few weeks, people familiar with the matter told Blockworks.

The latest draft of the bill states that foreign stablecoin issuers not predominantly engaged in financial services activities must be unanimously approved by the Stablecoin Certification Review Committee, according to a copy of the draft obtained by Blockworks. 

The new draft also updates some of the language around data sharing, stating that stablecoin issuers are permitted to share consumer information only when needed to comply with existing laws or legal requirements. 

Some Democrats, however, are still unsatisfied with the new language, which has not been released publicly. Sen. Elizabeth Warren, a longtime critic of crypto-friendly legislation, told Senators ahead of the vote that the GENIUS Act, as it currently stands, is “worse than no bill at all.” 

“It is fitting that we are voting on the GENIUS Act just a few days before President Trump hosts a ‘private, intimate dinner and a VIP White House tour’ for the top investors in his memecoin,” Warren added. 

While a floor vote on the GENIUS Act has not yet been scheduled, it could be on the calendar as soon as this week.

This story has been updated with finalized vote tally figures.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (1).png

Research

Aave’s revenues have doubled from April lows and are fast approaching all-time highs. With 35% of borrow interest coming from ETH and 55% from stablecoins, Aave is emerging as a powerful proxy as an ETH and stablecoin beta. As looping strategies accelerate growth and Horizon positions the protocol to ride the RWA wave, Aave is shaping up as one of DeFi’s most compelling multi-narrative plays.

article-image

Solana saw $78 million in REV for August

article-image

Lit Protocol’s Vincent is shifting agentic finance from toy demos to production rails

article-image

The new system aims to unify Europe’s fragmented tokenized asset settlement and cut cross-border costs

by Blockworks /
article-image

Tron slashed fees by 60% as Plasma looms, threatening its USDT moat

article-image

The acquisition adds evaluation-based funding to Kraken Pro, giving traders access to capital on performance

by Blockworks /
article-image

The deal merges real-time pricing data with on-chain credit ratings, aiming to boost institutional adoption of decentralized finance

by Blockworks /