Stablecoin Bill Passes Key Hurdle: Dems Join GOP To Deliver a Crypto Win

In a shocking defeat for the crypto industry, a procedural vote to advance a critical piece of legislation failed earlier this month. That set off a negotiating scrum on Capitol Hill and a new vote, which succeeded this time. What’s next? A full vote on the Senate floor.

Stablecoin Bill Passes Key Hurdle: Dems Join GOP To Deliver a Crypto Win

After a disappointing vote on moving the GENIUS Act to a full floor vote in early May, Senate Republicans gave Democrats some key concessions. They proved enough to flip the script. 

After failing in a 48-49 procedural vote earlier this month, the GENIUS Act — a bill that would establish federal oversight of payment stablecoins  — made the most of its second chance this evening. 

By a vote of 66-32, with 16 Democrats flipping their votes, the long-awaited stablecoin legislation achieved cloture and is now primed for a full floor vote in the Senate. Passage is a virtual certainty, as only a simple majority is now required rather than the high bar of 60 senators necessary for cloture.  

With the successful achievement of cloture, the Senate erases a disappointing memory from May 8, when it unexpectedly failed to move the bill to a full floor vote.

“Tonight's vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets. After playing politics, I'm glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape. By moving forward on the GENIUS Act, we are one step closer to developing a regulatory framework that keeps innovation in America, protects consumers, and safeguards our national security," said Chairman Tim Scott (R-SC) of the Senate Banking Committee on Monday evening.

Sen. Mark Warner Warner (D-VA), viewed as a bellwether among Democrats who backed the bill, said in an online statement before the vote, “The stablecoin market has reached nearly $250 billion and the U.S. can’t afford to keep standing on the sidelines.” While acknowledging lingering concerns about the Trump family’s use of crypto technologies to evade oversight, Warner added that, “If American lawmakers don’t shape this space, others will — and not in ways that serve our democratic values.”

The Vote Math

Sixty votes were needed to invoke cloture, meaning that the bill’s supporters needed to pick up nine additional yes votes from Democrats. They ended up getting 16. The senators voting yes were Ruben Gallego (D-AZ), Angela Alsobrooks (D-MD), Mark Warner (D-VA), Kirsten Gillibrand (D-NY), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), John Fetterman (D-PA), Maggie Hassan (D-NH), Martin Heinrich (D-NM), Ben Ray Luján (D-NM), Jon Ossoff (D-GA), Alex Padilla (D-CA), Jacky Rosen (D-NV)\, Adam Schiff (D-CA), and Elissa Slotkin (D-MI).r 

Republican Josh Hawley (R-MO), who voted against the bill on May 8 over concerns regarding how Big Tech firms could use stablecoins, was absent this time. Two Republicans voted no: Sens. Jerry Moran (R-KS) and Rand Paul (R-KY). The final tally of how senators voted is available here.

Democrats Boast of Concessions in Stablecoin Negotiations 

Democratic negotiators outlined several key concessions in a Thursday memo to colleagues, clearing the way for cloture by emphasizing strengthened consumer protections, clear limits on Big Tech involvement, and an explicit ban on yield-bearing stablecoins from both domestic and foreign issuers. 

• Preservation of consumer protection laws, ensuring federal and state rules remain enforceable

• Limits on Big Tech, barring firms like Meta or Google from issuing stablecoins unless they meet strict systemic risk and data privacy requirements

• Stricter compliance for foreign issuers, requiring both regulatory and technical adherence

• Prohibition of misleading terms, including “FDIC-insured” or “U.S. Government” in stablecoin branding

• Ban on yield-bearing stablecoins, even for foreign entities, to prevent unregulated financial products

• Expanded enforcement powers, allowing the Treasury Department to suspend licenses for reckless conduct

• Bankruptcy protections for stablecoin holders

• National security and AML mandates, including new FinCEN oversight of DeFi tools

Why the Odds of Passing the GENIUS Act Have Increased — But Remain Complicated:

With the Senate voting to proceed to debate, the GENIUS Act will now face floor consideration and potential amendments in the coming days. But with this key procedural hurdle passed, the bill appears well on schedule for being signed into law by President Trump’s deadline of the August recess.

Related content: 

• Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill

• Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance

• A House Hearing on Crypto? More Like a Big, Partisan Fight