The bipartisan GENIUS stablecoin bill could be put to a vote in the US Senate this week, according to crypto journalist Eleanor Terrett.
The bill’s sponsors are working on a consensus deal that would allow individual amendments to be voted on without a full-scale vote to speed up the process. If agreed, the bill could pass this week; otherwise, the vote could be pushed to next week.
The Senate is expected to begin formal work today with a vote on one of the Trump administration’s nominees for Secretary of Defense, but the focus will be on the behind-the-scenes negotiations of the stablecoin bill, known as the GENIUS Act, which Republicans hope will pass this week.
There are Articles Expected to be Added to the Bill
In addition to the bipartisan regulations on stablecoins, some important changes are on the agenda to be included in the bill:
New disclosure requirements for government officials (proposed by Democratic Senator Adam Schiff)
Prohibiting China and other foreign competitors from owning stablecoin issuing companies (supported by Republican Senator Tommy Tuberville)
Reforms to the Banking Secrecy Act and anti-money laundering rules (proposed by Republican Senator Mike Lee)
Elizabeth Warren, the top Democrat on the Senate Banking Committee, is also expected to propose some changes
One of the focal points of the debate is the Credit Card Competition Act, which aims to increase competition in the credit card industry and is strongly opposed by banks and payment networks. The bill was introduced by Senators Roger Marshall and Dick Durbin. Marshall’s request for a vote on the bill could jeopardize the GENIUS bill. Senator Thom Tillis has said he will withdraw his support for the GENIUS bill if it is included in the package.
If the parties reach an agreement, the Senate could move quickly, with the bill likely to be passed by the end of this week after a vote and limited debate. But if no agreement is reached, the vote could hit procedural hurdles and drag into the week of June 9.
*This is not investment advice.
