The U.S. Senate is preparing to vote on a major crypto bill tomorrow, which will need bipartisan support to move forward. Known as the GENIUS Act and championed by Senator Bill Hagerty, the bill would mandate that all stablecoins be fully backed by U.S. dollars and short-term Treasuries.
Senate Majority Leader John Thune filed for cloture on Tuesday evening, clearing the way for the bill to advance to a procedural stage that requires Senate approval. The vote is set for Thursday, but the process comes amid internal GOP tensions and pushback from Democratic lawmakers.
The bill’s key provision ensures that stablecoins must be entirely backed by U.S. currency and short-term government debt.
Thursday’s Senate Vote
With cloture filed, the bill now heads into a procedural vote demanding at least 60 Senate votes to advance. This means it will need backing from all 53 Republicans plus a handful of Democrats.
While Republicans work to secure support within their own party, they are also courting critical Democratic votes. Over the weekend, nine Democratic senators — including Ruben Gallego, Mark Warner, Raphael Warnock, Catherine Cortez Masto, and Andy Kim — voiced opposition to the bill’s current form, calling for tougher oversight on foreign stablecoin issuers and stronger anti-money laundering safeguards. Additionally, Senator Richard Blumenthal sent an inquiry to World Liberty Financial, a firm linked to former President Donald Trump, to probe potential conflicts of interest.
Divisions Within Both Parties
Senator Kevin Cramer said momentum for the bill seems to be building, while Senator Cynthia Lummis — a leading crypto advocate and co-sponsor — confirmed Republicans are engaging with key Democratic holdouts. Lummis also met with Senate Minority Leader Chuck Schumer, who has reportedly advised Democrats to withhold their backing to push for further amendments. According to Lummis, Schumer remains interested in negotiating a final deal.
On the Republican side, however, concerns are emerging. Senator Rand Paul has said he won’t support the bill, warning that the proposed regulations are unnecessary and could harm the crypto industry over time. Senator Josh Hawley also expressed skepticism, opposing the idea of large corporations launching their own stablecoins under the new framework.
Senator John Kennedy, who supported the bill in the Senate Banking Committee a month ago, has taken a wait-and-see approach. Kennedy said he won’t commit to a floor vote until he reviews the final language, noting that the bill has gone through many revisions and backroom deals, particularly in Georgia, and he wants clarity before offering his support.
