Senate Advances GENIUS Act, Faces Partisan Tensions as Broader Legislative Agenda Unfolds

Washington, D.C. – The U.S. Senate is at the center of a flurry of legislative activity, with several high-profile bills and political controversies dominating the chamber’s agenda.

In a landmark move, the Senate voted 66-32 to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, marking the first significant step toward a comprehensive federal regulatory framework for stablecoins. Sixteen Democrats joined Republicans in supporting the motion to proceed, overcoming a previous filibuster and setting the stage for a final vote after Memorial Day. The GENIUS Act aims to establish clear licensing procedures, reserve requirements, and regulatory standards for stablecoin issuers, with the goal of enhancing consumer protection and maintaining U.S. dollar dominance in digital finance.

Senator Kirsten Gillibrand (D-NY), a co-sponsor of the bill, emphasized the importance of regulatory clarity for the rapidly growing stablecoin industry, which now has a market cap exceeding $230 billion. However, the bill has sparked debate among Democrats. Senator Elizabeth Warren criticized the legislation for not addressing what she described as “basic flaws,” arguing that the current draft remains too weak to provide adequate safeguards. Senator Mark Warner, who changed his vote to support advancing the bill, acknowledged its imperfections but stressed the need for the U.S. to lead in blockchain regulation.

Meanwhile, the Senate’s legislative agenda faced hurdles as a proposed reconciliation package encountered resistance from multiple Senate Republicans, casting doubt on its prospects for passage. In a separate development, the Senate unanimously passed a “No Tax on Tips” bill after clarifying that bribes could be considered tips, a move that has generated mixed reactions among lawmakers and the public.

Senator Thom Tillis (R-NC) is under scrutiny following revelations of undisclosed real estate transactions between 2007 and 2016, raising concerns about possible fraud and tax evasion. The controversy has prompted calls for further investigation into the senator’s financial dealings.

On the international front, Senate Deputy Minority Leader Risa Hontiveros of the Philippines announced plans to refile a divorce bill and voiced support for the SOGIESC Equality Bill and Teenage Pregnancy Prevention Bill, highlighting the Senate’s engagement with global social issues.

Additionally, Senator Cory Booker made headlines with a historic Senate floor speech, which he is set to expand into a forthcoming book titled “Stand,” underscoring the Senate’s role as a platform for shaping public discourse.

These developments reflect the Senate’s pivotal influence on both domestic policy and international advocacy as lawmakers navigate complex political and regulatory challenges.