Senate Advances Landmark Cryptocurrency Regulation Bill

WASHINGTON — The Senate advanced a major cryptocurrency regulation bill on Monday with a bipartisan vote, marking a significant move toward establishing oversight in the digital asset market.

The procedural vote on the GENIUS Act, which aims to create the first regulatory framework for stablecoins—digital tokens linked to fiat currencies like the U.S. dollar—passed 66-32. Sixteen Democrats joined the majority of Senate Republicans to move the measure forward, while two Republicans, Senators Rand Paul and Jerry Moran, opposed it.

Democratic support followed a week of negotiations among a bipartisan group of senators, including Senators Bill Hagerty, Cynthia Lummis, Mark Warner, Kirsten Gillibrand, Angela Alsobrooks, and Ruben Gallego, who reached an agreement on amendments addressing Democratic concerns. The amendments focused on consumer protections and restrictions on tech companies issuing stablecoins.

Senate Majority Leader John Thune criticized Democrats for their earlier opposition, emphasizing the bill’s bipartisan support. “It’s really hard to understand why we needed to wait an additional 11 days for Democrats to finally agree to move,” Thune said.

Concerns lingered over the bill’s impact on President Trump’s business ventures in cryptocurrency, leading to some Democrats urging stronger anti-corruption measures. Senator Elizabeth Warren expressed her dissatisfaction during the floor debate, stating, “A bill that turbocharges the stablecoin market, while facilitating the president’s corruption, is worse than no bill at all.”

Despite dissent, Senator Mark Warner defended the measure, stating, “We need clear rules of the road to protect consumers, defend national security, and support responsible innovation.”

If the Senate passes the GENIUS Act, its prospects in the House remain unclear, as a different bill addressing stablecoin regulation is being considered there.