Crypto industry cheers progress in 'historic' stablecoin legislation as Senate advances GENIUS Act

The U.S. Senate's vote Monday to advance the key stablecoin bill, known as the GENIUS Act, is "historic" and could help "ensure U.S. dollar dominance," according to several senators and crypto industry leaders.

"This groundbreaking, bipartisan legislation will bring America's payment system into the 21st century," said Republican Sen. Bill Hagerty, who led the legislation.

The Senate voted 66-32 on Monday night to invoke cloture on the Guiding and Establishing National Innovation for U.S. Stablecoins Act — a procedural step that allows the bill to proceed to further debate. Following the cloture vote, lawmakers must vote on potential amendments before holding a final vote.

The bill would mandate that stablecoins be fully backed by U.S. dollars or similar highly liquid assets. It would also require annual audits for issuers with market capitalizations exceeding $50 billion, and introduce provisions related to foreign issuers. 

Sen. Hagerty said that the GENIUS Act would "skyrocket" the country forward with a digital payment framework built on the fastest rails possible. "It will ensure U.S. dollar dominance," he said. "Customers will be protected, the demand for U.S. treasuries will balloon to the tune of more than $1 trillion, and innovation in the digital asset space will thrive in the United States going forward."

The bill required 60 votes to advance, necessitating bipartisan support. Sixteen Democratic senators voted in favor, despite no Democratic support for the bill last week.

"Today's successful vote to advance Senate consideration of GENIUS is truly historic and demonstrates exactly how Congress is meant to work," said Ji Kim, president and acting CEO of the Crypto Council for Innovation. "This vote reflects months of dedicated staff work and significant negotiations and input from both Republican and Democratic offices that substantially improved this bill." 

Sen. Cynthia Lummis, who co-sponsored the bill, voiced support. "Digital assets are the future and now we're one step closer to ensuring America leads the way," she said.

Crypto industry leaders are also celebrating. "Many steps to go, but a historic early win on the road to getting a stablecoin bill enacted into law," said Faryar Shirzad, chief policy officer of crypto exchange Coinbase. "Crypto is again showing that it's the biggest bipartisan issue in play on the Hill."

Variant Fund Chief Legal Officer Jake Chervinsky also weighed in. "There's still more work to do — another formal vote on GENIUS in the Senate, and passing STABLE in the House — but this was the hardest part," Chervinsky said on X.

In the hours leading up to Monday's vote, crypto supporters sent more than 60,000 emails to senators urging them to support the bill, according to advocacy group Stand With Crypto.

However, Democratic Sen. Elizabeth Warren argued the bill falls short in addressing President Donald Trump's ties to the crypto industry and criticized USD1, a newly launched stablecoin by World Liberty Financial.

"There is no excuse for Congress to pass a crypto bill that will turbocharge Trump's corruption," said Warren.