U.S. Senate members plan to vote on the "Guidance and Establishment of a National Stablecoin Innovation Act" (referred to as the "GENIUS Act") after a majority chose to initiate the debate termination process on the bill.
According to a notice from Senate Democrats on Thursday, the entire Senate will vote on the GENIUS Act on June 17 (Tuesday).
This full vote will take place after senators proposed several amendments to the bill, including one aimed at addressing the issue of elected officials and their families potentially profiting from relationships with the crypto industry.
Senate Democrats stated, "The Senate will vote on the amended bill on June 17 (Tuesday) at a time determined by negotiations between the majority leader and the Democratic leader." The majority leader mentioned here is John Thune, and the minority leader is Chuck Schumer.
If the amended GENIUS Act is passed, it could provide a legal and regulatory framework for stablecoins in the U.S. Although the bill had not been signed into law as of Friday, the debate over the regulation of payment stablecoins is heating up as many companies are reportedly considering issuing their own tokens.
Senators initiated the debate termination process on the bill with a vote of 68 to 30 on Wednesday, indicating that there may be some Democratic support in the full vote. However, Missouri Senator Josh Hawley is reportedly set to vote against the amended bill, calling it a "huge concession" to "Big Tech."
As the Senate continues to discuss stablecoin issues, members of the U.S. House of Representatives are considering a bill aimed at establishing clear roles for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the regulation of digital assets.
On Tuesday, two House committees voted to advance the "Digital Asset Market Clarification Act" (CLARITY Act), paving the way for the bill to enter a full vote.
Given that Republicans hold a slim majority in both the House and Senate, it remains unclear whether these two bills will garner enough bipartisan support to pass and ultimately be sent to the president for signing into law or veto.
Related: Circle CEO: Stablecoins are about to have their "iPhone moment"
Original: “U.S. Senate to Vote on Amended Stablecoin Bill on June 17”
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