The Senate voted in favor of advancing the GENIUS Act, also known as the stablecoin bill, Monday night, overcoming a key procedural hurdle and paving the way for the bill's final passage.

What Happened: The Senate managed to exceed the three-fifths majority, or the 60-vote threshold, required to invoke cloture and end debate. This action is intended to usher the legislation into a period of extended debate prior to a series of final votes that will determine its passage out of the Senate.

Senator Bill Hagerty (R-Tenn.), the bill sponsor, deemed the development as "groundbreaking," stating that it would ensure the U.S. dollar dominance and trigger demand for U.S. treasuries.

Tonight, the Senate moved forward on the GENIUS Act. This groundbreaking, bipartisan legislation will bring America's payment system into the 21st century.
The GENIUS Act skyrockets the United States with a digital payment framework with the fastest rails possible. It will...

— Senator Bill Hagerty (@SenatorHagerty) May 20, 2025

The House of Representatives is simultaneously working on its own version of the stablecoin legislation. The proposed legislation aims to establish the first U.S. regulatory framework for issuers of stablecoins—digital tokens that are tied to fiat currencies like the dollar. As of this writing, Tether (CRYPTO: USDT) was the largest stablecoin by market capitalization

Despite early bipartisan momentum, the bill failed a procedural vote on May 8 after Senate Democrats abruptly pulled support over national security concerns, AML provisions, and last-minute resistance from key lawmakers.

The bill passed the closure vote despite vehement opposition by Sen. Elizabeth Warren (D-Mass.), who alleged that the legislation would "turbocharge" President Donald Trump's corruption.