Senate Majority Leader expects stablecoin vote before May 26

US Senate Majority Leader John Thune informed Republican senators that the chamber plans to vote on the GENIUS stablecoin bill before the Memorial Day holiday on May 26, according to a Politico report dated April 29.  

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, introduced by Senator Bill Hagerty in February, passed the Senate Banking Committee in March with bipartisan support.  

The bill aims to establish a regulatory framework for payment stablecoins in the United States by requiring issuers to obtain licenses and meet reserve requirements to ensure tokens are fully redeemable for US dollars.  

Thune’s announcement came during a closed-door meeting with GOP senators, who hold a slim majority in the Senate.  

The legislation would restrict stablecoin issuance to “permitted payment stablecoin issuers,” effectively limiting the market to regulated entities.  

A companion bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, is advancing in the House of Representatives, also controlled by Republicans.  

President Donald Trump signed an executive order in January 2025 establishing a working group to study stablecoin regulation, but legislative action is needed to create binding rules.  

Trump’s ties to World Liberty Financial, a crypto firm backed by his family that recently launched the USD1 stablecoin, have raised concerns among Democratic lawmakers about potential conflicts of interest and risks to the financial system.  

Despite some opposition, including from Senator Elizabeth Warren, the GENIUS Act is expected to receive bipartisan support on the Senate floor.