Senate to Vote on Stablecoin Bill Next Week, Says Lummis

By Julia Shapero | 05/15/25

In a promising development for the cryptocurrency sector, Senator Cynthia Lummis (R-Wyoming) announced today that the Senate is poised to vote next week on a stablecoin bill, known as the GENIUS Act. During her comments, Lummis expressed optimism that senators had reached a consensus on the "final language" of the legislation after intense negotiations throughout the week.

Final Preparations Underway

“It has been an all-week marathon and sprint at the same time," Lummis told The Hill, emphasizing the efforts that have gone into finalizing the bill. "I believe we’ve got final, final language." She indicated that senators would have an opportunity to review the finalized bill over the weekend, with procedural votes expected to commence on Monday.

The GENIUS Act aims to establish a regulatory framework specifically for payment stablecoins, a type of cryptocurrency designed to maintain a stable value. Lummis characterized the recent revisions to the bill as mainly "very detail-oriented" rather than involving major changes.

Previous Hurdles

The path to this vote has not been smooth. Last week, Senate Democrats blocked a procedural motion related to the GENIUS Act, resulting in a 48-49 vote that fell short of the necessary 60 votes to proceed. The vote predominantly split along party lines, as bipartisan support, once strong, began to wane. Many of the crypto-friendly Democrats who had previously supported the legislation withdrew their backing, citing that Republicans had rushed the negotiation process.

Democrat senators raised concerns regarding key provisions, such as anti-money laundering measures and national security implications, indicating they felt compelled to withdraw support for the bill in its then-current form.

Potential for Bipartisan Agreement

Despite the setbacks, there is cautious optimism among some lawmakers regarding the stability of the bill. Senator Mark Warner (D-Virginia) expressed hope for a resolution, noting that there are just a few minor language updates pending. He asserted that the bill has seen significant improvements.

Additionally, Senator Ruben Gallego (D-Arizona), who heads the Senate Banking subcommittee focusing on digital assets, indicated that both parties were "very close" to an agreement. Discussions have reportedly been constructive.

Key Changes in the Bill

A document circulated among pro-crypto Democrats highlights several noteworthy changes made to the GENIUS Act. These adjustments include stricter provisions aimed at enhancing anti-money laundering measures, bolstering national security protocols, and providing better consumer protections. Additionally, new regulations would restrict non-financial companies such as tech giants from issuing stablecoins, unless they meet stringent criteria regarding financial risk and data privacy. This is aimed at preserving the separation between commercial enterprises and the financial sector.

Looking Ahead

As the Senate prepares for potential voting next week, Lummis’s confidence reflects a renewed sense of optimism in the legislative process surrounding stablecoins. With key players working diligently to reconcile differences, the outcome of the procedural votes could reshape the regulatory landscape for cryptocurrencies in the United States.

In the realm of digital finance, where rapid developments are the norm, all eyes will be on the Senate as it moves forward with this critical legislation.

For further developments, stay tuned to Smart Money Mindset.