The U.S. Senate is now reviewing a possible bipartisan amendment to the GENIUS Act as lawmakers race to finalize the stablecoin legislation before the final vote. The bill, which was first introduced in February by Senator Bill Hagerty, is designed to regulate stablecoins by creating new rules for issuers, audits, and enforcement.
On May 15, 2025, Eleanor Terrett, a FOX journalist, revealed that a revised text with key updates is circulating on Capitol Hill. “Text on a potential bipartisan amendment to the GENIUS Act has been circulated around the Senate,” Terrett tweeted on X.
She noted it “includes new changes on consumer protection, bankruptcy and ethics, according to two Senate sources familiar with the matter.” The attached image from the post also highlighted new rules to restrict stablecoin issuance by Big Tech companies such as Meta, Amazon, and Google.
The draft amendment contains some rules that prevent public, non-financial tech firms from issuing their own stablecoins unless they meet strict standards. These include requirements regarding financial risk, consumer data privacy, and honest business practices.
Additionally, one change in the amendment stops stablecoin issuers from misleading users by claiming that they have FDIC insurance or using government-like names such as “USG” or “United States Government.” Another section adds “master account guardrails,” ensuring the bill doesn’t allow unqualified firms access to Federal Reserve services.
The amendment adds provisions for special government employees and makes rules against conflict of interest apply to all, including figures such as Elon Musk. It also increases the penalties for breaching the rules and gives the Treasury greater power to suspend registrations in cases of careless or egregious misconduct.
The new amendment also addresses bankruptcy protections for stablecoin holders, though this is still pending. These last-minute changes come as the Senate prepares for what may be its final opportunity to approve the GENIUS Act under Rule 13, which requires unanimous consent for another chance if the next vote fails.
As the $205 billion stablecoin market grows and political pressure mounts, lawmakers are now deciding whether this updated version of the bill will be enough to break the deadlock. Meanwhile, as of yet, the final voting date hasn’t been announced.
