GENIUS Act Stablecoin Bill Passes Cloture Vote – What’s Next?

Date:

Share post:

The GENIUS Act’s cloture vote just passed the US Senate, guaranteeing bipartisan support for its new amendments. With these amendments solidified, a successful vote by the end of the week is quite likely.

Supporters like Senator Gillibrand disapproved of President Trump’s crypto ventures but stressed that the bill benefits the US economy. Other Democrats may take a similar attitude towards this piece of regulation.

GENIUS Act Now Awaits Final Senate Vote

The GENIUS Act is a landmark piece of proposed stablecoin regulation, but it’s faced a few significant obstacles. To resurrect it, bipartisan Senators introduced an amendment that would reassure Democrats’ concerns of economic disruption.

Today, the cloture vote for these GENIUS Act amendments passed, setting it up for a major success. It means any debate on a bill has now ended, and the Senate can now move forward to the final vote.

genius act stablecoin bill vote
GENIUS Act Passes Clouter Vote. Source: US Senate

The cloture vote and the main (final passage) vote in the US Senate serve different purposes, and both are critical for a bill like the GENIUS Act to become law.

More specifically, today’s vote prevents a filibuster—a tactic used to delay or block legislation through extended debate.

Several Senators expressed their support and reservations for cloture on the GENIUS Act amendments.

For example, Kristen Gillibrand, a pro-crypto Democratic Senator, spoke fervently in support of the bill but expressed displeasure at Trump’s involvement in the crypto industry. Still, she ended up voting in favor of cloture.

If this is how the cloture vote went, it’s reasonable to assume that the GENIUS Act will receive similar treatment in its final vote. These amendments were intended to bolster Democratic support, and they have proved successful so far.

Even if a few Senators remain opposed to this amended version, it seems unlikely that they’ll sway enough of their colleagues.

When will the GENIUS Act Recieve Final Approval?

Since the Senate invoked cloture earlier today, June 11, debate on the GENIUS Act will now be capped at 30 hours.

That sets the earliest possible window for the final roll-call vote on the bill to be around late Thursday, June 12, or possibly into Friday, depending on procedural timing.

Most observers expect it “by mid‑week”, with Wednesday–Thursday being the most likely timeframe.

The post GENIUS Act Stablecoin Bill Passes Cloture Vote – What’s Next? appeared first on BeInCrypto.

Leave a reply

Please enter your comment!
Please enter your name here

spot_img

Related articles

JUST IN: Coinbase Adds Expected Altcoin to Its Roadmap

According to breaking news, Coinbase, the largest cryptocurrency exchange in the United States, has added the Sonic (S)...

Rumors that Chinese Tech Giant Tencent Will Acquire the Developer Company of This Altcoin Have Caused Price Volatility

China-based technology giant Tencent is considering the possibility of acquiring South Korean game developer Nexon in a bid...

Top 10 Altcoins with the Highest Increase in Whale Transactions in the Last Week Revealed

Cryptocurrency analysis platform Santiment announced the projects that showed the biggest increase in whale transactions over $100,000 in...

Company Whose $1 Billion Purchase of This Altcoin Was Blocked by the SEC Makes a New $5 Billion Announcement Today

DeFi Development Corp. has announced that it has secured a $5 billion equity capital pipeline. Through this strategic...