Senate Majority Leader John Thune (R-South Dakota) has set the stage for a key procedural vote Wednesday on the GENIUS Act, a landmark piece of legislation aimed at regulating stablecoins. Leader Thune filed cloture on Monday on the underlying bill — the Guiding and Establishing National Innovation for U.S. Stablecoins Act — and the bipartisan amendment to it. Last month, lawmakers voted 66-32 to invoke cloture — a procedural move that clears the way for further debate — on the bipartisan stablecoin bill. Crypto leaders hailed the vote as a “historic” win that could help “ensure U.S. dollar dominance.” In the upcoming vote, the bill must secure at least 60 votes to advance, potentially paving the way for its swift passage. When/if passed, the bill would mandate that stablecoins be fully backed by U.S. dollars or similar highly liquid assets. The bill would also mandate annual audits for issuers with market capitalizations exceeding $50 billion. Furthermore, it introduces provisions for foreign issuers, requiring, for example, foreign stablecoin issuers to possess the technological capacity to comply with lawful orders like seizing and freezing criminal assets.
For today, the Senate will reconvene at 11:00 A.M. and will take up a Motion to invoke cloture on Executive Calendar #173 William Long, of Missouri, to be Commissioner of Internal Revenue. Later today, the Senate will consider a Motion to invoke cloture on the Hagerty-Gillibrand substitute amendment #2307 to Cal. #66 S.1583, GENIUS Act, as well as a Motion to discharge S.J.Res.53 – A joint resolution providing for congressional disapproval of the proposed foreign military sale to the Government of Qatar of certain defense articles and services and a Motion to discharge S.J.Res.54 – A joint resolution providing for congressional disapproval of the proposed foreign military sale to the Government of the United Arab Emirates of certain defense articles and services.
The House will meet at 12:00 P.M. for legislative business and is expected to take up: H. Res. ___ – Providing for consideration of the bill (H.R. 4) to rescind certain budget authority proposed to be rescinded in special messages transmitted to the Congress by the President on June 3, 2025, in accordance with section 1012(a) of the Congressional Budget and Impoundment Control Act of 1974, and for other purposes.
Later today, the House will begin consideration of S. 331 – HALT Fentanyl Act and will also begin consideration of H.R. 2056 – District of Columbia Federal Immigration Compliance Act of 2025.
