Legislation creating a regulatory framework for payment stablecoins is headed back to the Senate floor Monday, with a bit more wind at its back.
The Senate will consider whether to move forward with consideration of the GENIUS Act once again, after an earlier vote failed in the face of Democratic pushback.
“This evening, we’re going to once again vote to begin consideration of the GENIUS Act, and I’m hoping that the second time will be the charm,” Senate Majority Leader John Thune (R-S.D.) said on the floor Monday.
“We were here 11 days ago, Mr. President, in the same place when Democrats inexplicably chose to block this legislation,” he continued.
When Senate leadership attempted to move the bill the first time, crypto-friendly Democrats pulled their support, accusing Repubicans of cutting off negotiations prematurely. They ultimately voted down the legislation.
After two weeks of negotiations, the two sides appear to have reached an agreement on new bill text.
In a memo last week, crypto-friendly Democrats touted “major victories,” pointing to stronger anti-money laundering, national security and consumer protections provisions, and new restrictions on Big Tech’s ability to issue stablecoins.
The updated legislation has garnered the support of a key Democratic voice, Sen. Mark Warner (D-Va.).
Warner voted to advance the bill out of the Senate Banking Committee in March but pulled his support alongside his fellow Democrats earlier this month.
“The GENIUS Act is a meaningful step forward,” he said in a statement Monday. “It sets high standards for issuers, limits big tech overreach, and creates a safer, more transparent framework for digital assets.”
“It’s not perfect, but it’s far better than the status quo,” he added.
Meanwhile, Sen. Elizabeth Warren (D-Mass.), ranking member on the Senate Banking Commitee and a longtime critic of the crypto industry, remains opposed to the legislation.
“Here we are again,” Warren said on the floor Monday, according to prepared remarks. “So, what has changed with the bill? Not much. Its basic flaws remain unaddressed.”
