GENIUS Act Stablecoin Bill Could Pass As Soon As Wednesday

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So, here we are, folks! The GENIUS Act—yes, the one that’s been debated longer than my last haircut—might actually pass the Senate as soon as Wednesday, June 11. Can you believe it? 🤔

Senate Majority Whip John Thune decided to file cloture today on Amendment #2307. Sounds fancy, right? It’s basically a bipartisan substitute to the original bill (S.1582). Because who doesn’t love a good substitute? Like a bad date that turns out to be a great friend! 😂

Next Steps for the GENIUS Act

Cloture is this magical tool that limits debate and forces a final vote. It’s like saying, “Enough already! Let’s just vote!” They get 30 hours of focused Senate debate. I mean, who wouldn’t want to sit through that? Barring any procedural delays—because, of course, we can’t have anything go smoothly—the chamber is expected to hold final votes on both the amendment and the underlying legislation by midweek. Fingers crossed! 🤞

Insiders say Wednesday is the likely window for final passage, assuming no one throws a tantrum and derails the schedule. You know how it goes in the Senate—one objection and it’s like a toddler throwing a fit in a candy store. 🍭

Thune’s cloture filings mark the final stage in this circus we call the Senate’s effort to advance the GENIUS Act. The 30-hour clock for debate started ticking the moment cloture was invoked. Tick-tock, folks! 🕰️

So, we’re looking at a vote window by Wednesday. The bill needs 60 votes to overcome the filibuster. No pressure, right? 😅

NEW: @LeaderJohnThune has filed cloture on both the bipartisan amendment to GENIUS Act and the full bill. Votes on cloture will occur this week. Again, these votes will need 60 votes to move to final passage.

— Eleanor Terrett (@EleanorTerrett) June 9, 2025

This follows some serious bipartisan cooperation led by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen. It’s like a buddy cop movie, but with more suits and less action. 🎬

The Hagerty amendment (#2307) is a negotiated substitute that integrates several compromise provisions. Because who doesn’t love a good compromise? It’s like splitting the check at dinner—nobody’s happy, but at least it’s over! 🍽️

Key Amendments and Negotiations

Amendment #2307 reshaped the bill to meet demands from both the banking sector and digital asset firms. Here’s the scoop:

  • State vs. Federal Oversight: The amendment lets stablecoin issuers under $10 billion in market cap opt into a state-based regulatory regime. Those above that threshold? Federal supervision. It’s like choosing between a local diner and a chain restaurant. 🍔
  • Reserve and Transparency Requirements: Issuers must maintain 1:1 backing with US dollars or highly liquid short-term assets. Monthly attestations and public disclosures are mandated. Because who doesn’t love a little transparency? It’s like opening the curtains in a dark room! 🌞

    • The amendment limits foreign-issued stablecoins in the US market without equivalent regulatory oversight. National security concerns, folks! It’s like keeping the riff-raff out of your backyard barbecue. 🍖

  • Executive Restrictions: A clause restricts executive branch members from issuing or endorsing a national stablecoin. Because we can’t have the president playing around with our money, right? 🙄

The GENIUS Act is going to propel America’s payment system into the 21st century. Let’s get it done!

— Senator Bill Hagerty (@SenatorHagerty) June 4, 2025

What Happens After the Vote?

If the cloture vote clears the 60-vote threshold—likely, given prior bipartisan momentum—the Senate will proceed to a final vote on the Hagerty substitute and then on the GENIUS Act in full. It’s like a relay race, but with more suits and less running. 🏃‍♂️

Once passed, the bill heads to the House, where a parallel effort—the STABLE Act—is gaining traction. They’ll need to reconcile both versions before sending a unified bill to the President’s desk. It’s like trying to get your kids to agree on a movie—good luck with that! 🎥

Sources close to the House Financial Services Committee suggest alignment on most key principles. But details like custody rules and state preemption may still spark negotiations. Because what’s a good bill without a little drama? 🎭

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2025-06-10 01:44