The two-party GENIUS bill, which has been under long-term debate and aims to establish the first comprehensive federal stablecoin regulatory framework in the United States, may be passed in the Senate as early as Wednesday, June 11th.
This timeline was released after Senate Majority Whip John Thune proposed ending debate on Amendment No. 2307 today. The amendment is a key bipartisan alternative to the original bill (S.1582) and the bill itself.
Next Steps for the GENIUS Bill
Terminating debate is a procedural measure used to limit discussion and force a final vote. It allows the Senate to conduct 30 hours of concentrated debate. Unless there are procedural delays, the Senate is expected to hold a final vote on the amendment and related legislation before mid-week.
Senate insiders familiar with the matter say Wednesday could be the day of final passage if no objections disrupt the plan.
Thune's submitted request to end debate marks the final stage of the Senate's advancement of the GENIUS Bill. According to Senate rules, once debate-ending is initiated, the 30-hour debate time immediately begins.
This will therefore set a voting window before Wednesday. The bill requires 60 votes to overcome the lengthy debate and proceed to final voting.
This is the result of important bipartisan cooperation led by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen.
The Hagerty Amendment (#2307)is a negotiated alternative that integrates several compromise provisions designed to increase bipartisan support.
Key Revisions and Negotiations
Amendment No. 2307 significantly modifies the bill to meet the requirements of the banking and digital asset industries:
State vs. Federal Regulation: The amendment allows stablecoin issuers with market caps under $10 billion to choose to join the state-level regulatory system. Issuers with market caps over $10 billion will be subject to the federal regulatory framework.
Reserve and Transparency Requirements: Issuers must hold US dollars or highly liquid short-term assets (such as Treasury bills) at a 1:1 ratio. Issuers must conduct monthly proof and public disclosure to ensure solvency and consumer rights.
Prohibition of Interest-Bearing Stablecoins: To respond to banking industry lobbying, the bill includes a ban on issuing interest-bearing stablecoins that might compete with traditional deposits. This is one of the most controversial clauses.
Restrictions on Foreign Stablecoins: The amendment limits foreign-issued stablecoins from circulating in the US market on national security grounds, without equivalent regulatory oversight.
Administrative Restrictions: A provision limits administrative branch members, including the President, from issuing or endorsing national stablecoins, strengthening congressional power over monetary innovation.
What Happens After Voting?
If the debate-ending vote passes the 60-vote threshold (which is likely given the previous bipartisan momentum), the Senate will hold a final vote on the Hagerty alternative and then a comprehensive vote on the GENIUS Bill.
Once passed, the bill will be submitted to the House for review. Currently, another similar bill—the STABLE Act—is gaining support in the House. Lawmakers will need to coordinate the two versions in a meeting before submitting a unified bill to the President.
Sources close to the House Financial Services Committee indicate that most key principles have already been agreed upon.
However, details such as custody rules and national priorities may still trigger negotiations.
