The U.S. Senate is set to vote today, June 17, 2025, on the GENIUS Stablecoin Act, a bill that could change how stablecoins are handled in America. After weeks of debates, committee reviews, and revisions, the bill is finally heading for a full Senate decision.
GENIUS stands for Guiding and Establishing National Innovation for U.S. Stablecoins. The bill would require stablecoins to be fully backed by U.S. dollars or other safe assets. It also calls for yearly audits of issuers with more than $50 billion in market zap. If passed, it would stop big tech companies like Meta and Amazon from launching stablecoins unless they follow strict rules on financial risk and user data privacy.
The Senate voted last week to move the bill forward through a process called cloture. This cleared the way for today’s final vote. In that vote, 68 senators were in favor and 30 were against. Eighteen Democrats joined Republicans in support, showing growing bipartisan backing for stablecoin rules.
One part of the bill gives “super-priority status” to stablecoin holders during bankruptcy. This means users would get their money back first if a company goes under. The bill also has rules to stop foreign stablecoin issuers from skirting U.S. laws.
But not everyone is optimistic. Senator Elizabeth Warren raised concerns about a company linked to Trump, World Liberty Financial which recently launched a stablecoin that is now the fifth-largest in the world. Warren warned, “That stablecoin is already the 5th largest stablecoin in the world and foreign investors have begun to exploit this avenue for corruption.”
She further pushed back against the stablecoin act, calling on Congress to take action. Warren cited concerns over security and privacy, adding, “If Congress doesn’t fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors”
Meanwhile, Missouri Republican Senator Josh Hawley is also strongly against the GENIUS bill. He said: ”It’s a huge giveaway to Big Tech. It allows these tech companies to issue stablecoins without any kind of controls. I don’t see why we would do that.”
Even with the pushback, some industry leaders say the bill is a step forward. “The general outlook is that [the bill] will do better than anything that is currently happening,” said Lionsgate CEO Bezalel Eithan Raviv.
If the Senate passes the bill, it will head to the House for another vote. The future of U.S. stablecoin policy could change fast and today’s decision is a big moment for crypto in America.
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