The controversial bipartisan GENIUS Act aims to establish the first comprehensive federal stablecoin regulatory framework and is expected to pass in the Senate on June 11 (Wednesday).
This timeline was set after Senate Majority Whip John Thune submitted a cloture motion on amendment #2307 today. The amendment is a key bipartisan alternative to the original bill (S.1582) and addresses the original bill itself.
The cloture motion is a procedural tool used to limit debate and force a final vote, allowing the Senate to conduct 30 hours of concentrated debate. Without procedural delays, the Senate is expected to hold a final vote on the amendment and underlying legislation mid-week.
Senate insiders familiar with the matter told BeInCrypto that Wednesday is likely the window for the bill's final passage if no objections disrupt the schedule.
Thune's cloture motion marks the final stage of the Senate's advancement of the GENIUS Act. According to Senate rules, the 30-hour debate clock immediately starts after the cloture motion is proposed.
This sets a voting window before Wednesday. The bill requires 60 votes to overcome a filibuster and proceed to the final vote.
Previously, Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen led significant bipartisan cooperation.
The Hagerty amendment (#2307) serves as a negotiated alternative, integrating multiple compromise clauses to increase bipartisan support.
Amendment #2307 significantly modifies the bill to meet the needs of the banking and digital asset industries:
State and Federal Regulation: The amendment allows stablecoin issuers with a market cap under $10 billion to choose state regulatory systems, while issuers exceeding this threshold will be subject to the federal regulatory framework.
Reserve and Transparency Requirements: Issuers must back their stablecoins 1:1 with US dollars or highly liquid short-term assets like US Treasury securities, with mandatory monthly verification and public disclosure to ensure solvency and consumer protection.
Prohibition of Interest-Bearing Stablecoins: At the banking industry's request, the bill includes a clause banning interest-generating stablecoins that could compete with traditional deposits, which is one of the most controversial provisions.
Foreign Stablecoin Restrictions: The amendment limits foreign stablecoin circulation in the US market on national security grounds if they are not equally regulated.
Administrative Power Limitations: The bill includes a provision restricting administrative branch members, including the President, from issuing or endorsing a national stablecoin, to strengthen congressional oversight of monetary innovation.
If the cloture motion reaches the 60-vote threshold (likely given the previous bipartisan momentum), the Senate will conduct a final vote on the Hagerty alternative and then on the full GENIUS Act.
After passage, the bill will be submitted to the House of Representatives, while the parallel STABLE Act is also gaining attention. Lawmakers will need to coordinate the two versions in conference and then submit a unified bill for presidential signature.
Sources close to the House Financial Services Committee indicate that both sides have already reached consensus on most key principles.
However, details such as custody rules and state priority may still trigger negotiations.
