The U.S. Senate is preparing to vote on the GENIUS Act (Guaranteed Electronic USD Issuance and Safeguards Act) on May 19, 2025. The bipartisan bill, co-sponsored by Senator Bill Hagerty (R-TN) and Senator Kirsten Gillibrand (D-NY), aims to establish the first-ever regulatory framework for payment stablecoins in the United States.
Senator Hagerty remains optimistic despite the bill’s rocky journey. On May 8, the GENIUS Act fell short of the 60-vote threshold required for cloture—only 48 senators voted in favor, while 49 opposed. Concerns from Democrats included:
In response, bipartisan negotiations have led to key amendments. FOX Business reporter Eleanor Terrett confirmed on X that the revised version includes:
These additions aim to win support from cautious lawmakers and ensure the bill aligns with investor protection and national security goals.
The timing is crucial. The global stablecoin market is now worth over $246 billion, with Tether’s USDT ($151B) and Circle’s USDC ($61B) leading the charge. These tokens, pegged 1:1 with fiat currency, are essential for traders, institutions, and fintech innovators.
Use cases are growing fast. Mastercard’s partnership with MoonPay is enabling stablecoin payments for 150 million merchants worldwide—further validating the need for regulation.
Senator Hagerty argues the GENIUS Act would:
To pass, the Senate requires 60 votes. As of May 17, 2025, the chamber makeup is:
With no party holding a filibuster-proof majority, the bill’s success hinges on bipartisan cooperation. If 9–11 moderate Democrats or Republicans flip in favor, the GENIUS Act could mark a historic regulatory milestone for crypto.
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