All Eyes on the GENIUS Act: Crypto’s Big Week in the Senate
The first federal stablecoin bill could clear the Senate as soon as this week
It’s shaping up to be a high-stakes week for crypto in Washington, with the Senate set to redo a key procedural vote on the GENIUS Act this evening.
The bipartisan bill, introduced by Sen. Bill Hagerty (R-TN), is aiming to create the first real federal framework for stablecoins, and insiders are cautiously optimistic that the upper chamber is now on the brink of passing it.
After a week of intense negotiations and late-night phone calls between Senate Republicans and Democrats, the bill’s text has been revised, and momentum is building. Several Senate staffers and industry leaders who spoke with Crypto In America over the weekend are confident that tonight’s procedural vote will pave the way for the bill’s passage — ideally before Memorial Day.
On Sunday evening, Punchbowl News reported that Sen. Mark Warner (D-VA), a vocal holdout when the bill failed the initial cloture vote two weeks ago, now plans to support the revised version and is urging his Democratic colleagues to do the same. To advance past tonight’s cloture vote, the bill will need at least 60 votes in favor.
The updated bill includes some key changes, notably targeting Big Tech’s role in stablecoins. The new provisions would ban non-financial public companies like Meta, Amazon, and Google from issuing stablecoins, a move aimed at curbing their growing influence in the digital currency space.
But whether this will be enough to win over Sen. Josh Hawley (R-MO), who went against the grain of his GOP colleagues and voted against the bill in the last cloture vote over concerns about Big Tech ownership, remains to be seen. Another Republican holdout, Sen. Rand Paul (R-KY), has not hinted how he plans to vote this time around either.
Under the bill’s current text, President Donald Trump’s family would still be allowed to profit from stablecoin-related business ventures — a sticking point for Sen. Elizabeth Warren (D-MA) and many other Democrats. On Friday, she said that passing the GENIUS Act would make it easier for Trump and his family to “line their pockets.”
Still, Hagerty is feeling optimistic. In a Friday X post, he said the Senate is poised to make history by passing the GENIUS Act.
What’s Happening In Washington This Week?
Monday
8:30 AM ET: SEC Chair Paul Atkins is scheduled to speak at the agency’s annual SEC Speaks event hosted by the Practising Law Institute.
5:30 PM ET: The Senate will vote on cloture for the GENIUS Act, a key step toward potential passage.
Over on Wall Street, Coinbase is set to join the S&P 500 this morning at the start of trading.
Tuesday
10:00 AM ET: SEC Chair Paul Atkins will testify before the House Appropriations Committee during a hearing on the agency’s budget.
10:00 AM ET: The Senate Finance Committee will hold a confirmation hearing for former Missouri Congressman Billy Long as IRS Commissioner.
Wednesday
12:15 PM ET: Fed Governor Michelle Bowman, who is awaiting her Senate confirmation vote to become the next vice chair of supervision, will participate in a Fed Listens event.
On the Crypto Conference Circuit
Avalanche Summit London kicks off on Tuesday and the Crypto In America team is on the ground in the UK!
Speakers include Emin Gün Sirer, Founder and CEO of Ava Labs; Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital; and Baylor Myers, Vice President of Corporate Development at BitGo.
If you haven’t already, get your ticket for Avalanche Summit, May 20–22, 2025, at Hatfield House, London.
Back in the U.S., Solana Accelerate, a week-long event hosted by the Solana Foundation, kicks off Monday in New York City and runs through Friday.
Featured speakers include Circle CEO Jeremy Allaire, Senator Kirsten Gillibrand (D-NY), Congressman Ritchie Torres (D-NY), and CFTC Commissioner Summer Mersinger.
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