15+ Democrats Flip as GENIUS Act Clears Key Hurdle in 66-32 Vote

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U.S. Senate passes movement to advance the GENIUS Act with a 66-32 vote Over 15 Democrats, together with Cortez Masto and Adam Schiff, reversed their preliminary stance The GENIUS Act goals to control stablecoins—probably reshaping the crypto panorama

The foundations for the U.S. cryptocurrency sector could also be about to vary in a giant means. Host of CryptoAmerica Eleanor Terrett just lately posted on her X that the Senate voted 66-32 on the night time of Could 20 to maneuver on with the GENIUS Act, a giant regulation that offers with digital belongings and stablecoins. This procedural success lets the Senate formally begin speaking about and altering the invoice.

🚨JUST IN: Movement to invoke cloture on the movement to proceed to the consideration of the GENIUS Act has PASSED.

15+ Dems flipped their votes from no to sure together with @CortezMasto, @SenAdamSchiff, @MarkWarner, @SenRubenGallego, @SenatorWarnock and others. Senate Minority chief…

— Eleanor Terrett (@EleanorTerrett) Could 20, 2025

Learn Extra: Republican Senator Invoice Hagerty Introduces The GENIUS Act to Regulate Stablecoins

Key Senate Flip: Momentum Grows for Stablecoin Regulation Greater than 15 Democratic senators who initially opposed the GENIUS Act modified their votes to assist shifting it ahead. Outstanding electoral reversals embody Senator Catherine Cortez Masto, Consultant Adam Schiff, Mark Warner, Ruben Gallego, and Raphael Warnock. Senate Minority Chief Chuck Schumer maintained his opposition, whereas Senator Josh Hawley was lacking from the vote.

The 66-32 cloture vote just isn't a remaining passage—it merely means the Senate will now formally debate the invoice’s contents. However the bipartisan assist alerts rising urgency in Washington to create a regulatory framework for digital belongings, particularly stablecoins.

What’s within the GENIUS Act—and Why Crypto Buyers Are Watching Stablecoins Take Heart Stage The GENIUS Act outlines complete necessities for stablecoin issuers, together with:

Necessary reserve backing (e.g., U.S. Treasury securities or money equivalents) Public transparency round reserve composition Common audits by impartial third events The worldwide cryptocurrency markets had a tough go of it in 2022 because of the failure of algorithmic stablecoins like TerraUSD; these laws are an try to forestall a repeat of that.

This clear regulation has the potential to raise the stablecoin market within the eyes of regulators, institutional buyers, and banks, in keeping with specialists. This might result in extra individuals using them and fewer threat to the system as a complete.

A lobbyist for the fintech business based mostly in Washington, D.C. mentioned, “It is a massive step ahead.” “Stablecoins are too massive to be caught in regulatory limbo.”

Learn Extra: Main Crypto Milestone: Mastercard Launches Stablecoin Funds in Partnership with MoonPay

The Politics Behind the Invoice: Pursuits and Dangers Ties to Huge Tech and Campaigns Increase Eyebrows Whereas the GENIUS Act has drawn reward from business advocates, it has additionally sparked questions in regards to the involvement of main political figures and tech giants.

There are considerations about monetary ties between political figures—significantly from each the Trump and Biden camps—and corporations constructing digital fee infrastructure. Some lawmakers worry that with out sturdy moral boundaries, crypto-related coverage may favor well-connected insiders.

Skepticism persists relating to the permissibility of expertise corporations corresponding to Meta or Block (beforehand Sq.) issuing their very own stablecoins within the absence of specific federal regulation.

These points mirror earlier disputes, together with Meta’s discontinued Diem (Libra) initiative, which elicited worries from regulators on foreign money sovereignty and systemic hazards.

Market Affect: Crypto Group Reacts Cautiously The crypto business has responded with cautious optimism. Whereas the GENIUS Act has not but handed into regulation, clearing this procedural step is seen as an encouraging signal that U.S. lawmakers are shifting towards concrete digital asset regulation.

Josh Vlasto, spokesperson for CIFonX, mentioned in an announcement :

“This motion, and ultimately passage of a stablecoin invoice, clears the trail for Congress to behave on the mandate of voters to move market construction laws which creates clear guidelines of the highway for digital belongings.”

🚨NEW: Fairshake was watching this vote carefully. Simply acquired an announcement from Josh Vlasto, spokesperson for @CIFonX (non-profit related to the tremendous PAC) on tonight’s vote:

“We congratulate the Senate on at this time’s vote. This motion, and ultimately passage of a stablecoin…

— Eleanor Terrett (@EleanorTerrett) Could 20, 2025

Because the regulation strikes towards debate, individuals out there will carefully watch any modifications that might have an effect on decentralized finance (DeFi), shopper privateness, and custody guidelines.

The GENIUS Act, which has assist from each events, may be a turning level for cryptocurrency laws within the U.S. for a very long time to come back, affecting investor belief, innovation, and compliance.