{"id":27275,"date":"2025-05-17T10:01:32","date_gmt":"2025-05-17T10:01:32","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=27275"},"modified":"2025-05-17T10:01:32","modified_gmt":"2025-05-17T10:01:32","slug":"genius-act-to-advance-stablecoin-legislation-will-face-new-vote-next-week","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=27275","title":{"rendered":"GENIUS Act To Advance? Stablecoin Legislation Will Face New Vote Next Week"},"content":{"rendered":"
\n

US Senators prepare for a new vote on the highly anticipated stablecoin bill that recently failed to pass cloture. After facing backlash and support withdrawal from Senate Democrats, the bill has undergone new bipartisan amendments to advance the legislation in the upcoming weeks.<\/p>\n

Stablecoin Bill To Face Second Cloture Motion<\/h2>\n

A week after failing to pass the US Senate vote, Senator John Thune has filed cloture on the amended Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act following bipartisan efforts to revive the legislation.<\/p>\n

\"stablecoin\"<\/p>\n

The bill, sponsored by Republican Senator Bill Hagerty, failed to pass the cloture motion on May 8 after several lawmakers, including two Republican senators, withdrew their support ahead of the vote.<\/p>\n

Notably, the stablecoin legislation only received<\/a> 49 favorable votes when the process requires 60 senators to agree to advance the legislation to an open floor debate. Before last week\u2019s failure, the GENIUS Act was considered a bipartisan effort to offer regulatory clarity, with various Senate Democrats supporting the bill.<\/p>\n

The bill underwent various amendments to address Democratic senators\u2019 concerns, including stricter requirements for stablecoin issuers and Anti-Money Laundering (AML) provisions. However, in an opposition statement<\/a>, ten senators, including four Democrats who previously supported the bill, criticized the revised version of the legislation.<\/p>\n

The lawmakers suggested that the draft omitted essential AML and national security safeguards and had ambiguous regulations that could expose crypto markets to exploitation, which led to its failure.<\/p>\n

Now, journalist and podcast host Eleanor Terret reports<\/a> that Senator Thune filed for a second cloture motion on May 15, with a vote scheduled for Monday evening after various amendments to address the Democrats\u2019 concerns.<\/p>\n

Bipartisan Amendments Could Not Be Enough<\/h2>\n

As reported<\/a> by Bitcoinist, the US senators from both parties were working to \u201cquickly revive\u201d the\u00a0stablecoin legislation since the May 8 failure.<\/p>\n

The bill\u2019s sponsor, Senator Hagerty, recently told Bloomberg that staff from the two parties had continued to work on the GENIUS Act, hoping that Senate Democrats would agree to pass the bill before the Memorial Day holiday, on May 26.<\/p>\n

The most recent bipartisan amended version of the stablecoin legislation reportedly includes new language regarding consumer protection, ethics, limitations on Big Tech issuers, among other provisions.<\/p>\n

According to a draft page shared by Terret, the bill now prohibits non-financial publicly traded companies, like Meta, Amazon, Google, and Microsoft, from issuing a stablecoin unless they meet strict criteria related to financial risks, consumer data, and fair business practices, to maintain \u201cthe separation between banking and commerce.\u201d<\/p>\n

\"stablecoin\"<\/p>\n

Additionally, it establishes that issuers can\u2019t use US-related branding, prohibiting terms like \u201cUnited States,\u201d \u201cUnited States Government,\u201d or \u201cUSG\u201d in the stablecoin\u2019s name to prevent consumers\u2019 confusion with a US-backed token. This directly responds<\/a> to Senator Elizabeth Warren\u2019s concerns about potential \u201ccrypto corruption.\u201d<\/p>\n

The bill expanded the Ethics Coverage for Special Government Employees, adding that regular and special government employees, including Elon Musk and the White House\u2019s AI & Crypto Czar, David Sacks, are uniformly subject to conflicts of interest procedures<\/a>.<\/p>\n

Meanwhile, the bipartisan amendments also strengthen the Treasury Department\u2019s enforcement capabilities, securing the agency\u2019s \u201cability to suspend an issuer\u2019s registration after both reckless and willful violations.\u201d<\/p>\n

Despite the changes, a recent memo<\/a> from Democratic staff on the Senate Banking Committee suggests that the amendments are insufficient for the bill to pass the vote next week, as \u201cmany of the new changes are fig leaves for significant flaws that jeopardize consumer protection and national security.\u201d<\/p>\n

The Democrats\u2019 Thursday analysis affirms that the \u201ccurrent draft paves the way for more Trump crypto corruption,\u201d expanding a \u201cgiant national security loophole for Tether,\u201d and still permitting Big Tech companies to issue a stablecoin while failing to address several other \u201cfundamental flaws.\u201d<\/p>\n

\"Stablecoin,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

US Senators prepare for a new vote on the highly anticipated stablecoin bill that recently failed to pass cloture. After facing backlash and support withdrawal from Senate Democrats, the bill has undergone new bipartisan amendments to advance the legislation in the upcoming weeks. Stablecoin Bill To Face Second Cloture Motion A week after failing to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-27275","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/27275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27275"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/27275\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}