The cloture vote for the GENIUS bill has passed the US Senate, ensuring bipartisan support for the new amendment. With these amendments confirmed, there is a high likelihood of a successful vote by the weekend.
Supporters, such as Senator Gillibrand, opposed Trump's cryptocurrency business but emphasized that the bill would benefit the US economy. Other Democrats may take a similar stance on this regulation.
GENIUS Bill Awaits Senate Final Vote
The GENIUS bill is a groundbreaking stablecoin regulation bill but has faced several important obstacles. To revive it, bipartisan senators introduced amendments to address the Democratic Party's economic uncertainty concerns.
Today, the cloture vote on the GENIUS bill amendment has passed, signaling a great success. This means all discussions on the bill have ended, and the Senate can now move to the final vote.
The US Senate's cloture vote and main (final passage) vote have different purposes, and both are crucial for a bill like the GENIUS bill to become law.
Specifically, today's vote prevents a filibuster. A filibuster is a tactic of delaying or blocking a bill through extended discussion.
Several senators have expressed support and concerns about the cloture for the GENIUS bill amendment.
For example, pro-cryptocurrency Democratic Senator Kirsten Gillibrand strongly supported the bill but expressed dissatisfaction with Trump's cryptocurrency industry involvement. Nevertheless, she cast a vote in favor of the cloture.
If the cloture vote has proceeded this way, the GENIUS bill is expected to receive similar treatment in the final vote. These amendments were intended to strengthen Democratic support and have been successful so far.
Even if some senators remain opposed to the revised version, they are unlikely to sufficiently persuade their colleagues.
When Will the GENIUS Bill Be Finally Approved?
Since the Senate invoked cloture today on June 11th, discussions on the GENIUS bill are now limited to 30 hours.
This sets the earliest possible time for the final roll call vote on the bill as late Thursday, June 12th, or Friday, depending on procedural timing.
Most observers expect it to occur "mid-week", with Wednesday to Thursday being the most likely period.
