The GENIUS Act cleared a major hurdle in the Senate, with sixteen Democrats flipping their votes to support the bill, signaling growing bipartisan momentum. This shift significantly improves the bill’s chances of passage, though hurdles remain as lawmakers prepare for debate and the amendment process.
The GENIUS Act took a major step forward yesterday on the Senate floor. During yesterday’s vote, the Republican bill finally started taking bipartisan shape as sixteen Democrats flipped their original vote, allowing the GENIUS Act to pass its key procedural vote.
The Sixteen Democrats Who Flipped Their Votes:
- Alsobrooks, Hassan, Warner, Schiff, Padilla, Slotkin, Blunt-Rochester, Cortez Masto, Fetterman, Gallego, Gillibrand, Heinrich, Lujan, Ossoff, Rosen, and Booker.
Key Provisions of the GENIUS Act
- Stablecoin Oversight: Requires issuers to fully back stablecoins with liquid assets like cash and Treasury bills.
- Big Tech Ban: Prevents non-financial public companies like Meta, Amazon, and Google from issuing stablecoins.
- Regulatory Shift: Transfers enforcement authority from the SEC and CFTC to the Treasury Department for centralized oversight.
- Consumer Protections: Implements strict reserve requirements and anti-money laundering protocols to prevent financial instability.
What’s Next?
The bill is now set to move forward for debate and amendments. With these votes secured, the next phase begins tomorrow night or Wednesday, when the Senate will vote on the motion to proceed, officially opening floor debates.
While GOP leadership remains optimistic, timing remains fluid, with negotiations likely to shape the final outcome of this landmark legislation. The GENIUS Act will now move back to the House where lawmakers will take up the bill for further debate and potential revisions.
Republicans hold an even larger majority in the House of Representatives, meaning that the GENIUS Act is expected to face smoother passage through the chamber.
