US Senate schedules final GENIUS stablecoin bill vote for June 17

The U.S. Senate will give its final vote on the GENIUS Act next Tuesday, with the objective of determining the future regulatory framework for stablecoins in the country.

The official website for Senate Democrats specified the scheduled date in a Thursday notice, adding that the exact time will be later decided by the Majority Leader in consultation with the Democratic Leader.

The bill aims to set legal grounds for stablecoins by requiring them to be fully backed by U.S. dollars or similarly liquid assets, mandating annual audits for issuers with more than $50 billion in market capitalization, and adding compliance guidelines for foreign issuers.

The Senate voted for the bill — the Guiding and Establishing National Innovation for U.S. Stablecoins Act — on Wednesday that set the stage for a final vote. 

If the GENIUS Act passes the Senate, it will then advance to the House of Representatives for voting. The House Financial Services Committee has its own stablecoin legislation, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE Act), which was advanced out of committee in May. 

Both the Senate and House must reach a consensus on their respective bills, which currently differ on issues such as state and federal regulation of stablecoin issuers, as well as the oversight of foreign issuers like Tether . 

Stablecoin legislation has fast progressed under public endorsement from President Donald Trump, who previously said that he wants to pass the legislation by August.

Earlier this week, Treasury Secretary Scott Bessent said  that stablecoin legislation could pave the way for the USD stablecoin market to grow beyond $2 trillion by the end of 2028. The USD stablecoin market cap currently stands at $252 billion, according to CoinGecko data.