Stablecoin Bill Clears Senate

Posted: Jun 18 2025

The Senate voted 68-30 in favor of legislation to establish a regulatory framework for payment stablecoins, with proposed amendments to establish routing mandates and interest rate caps for credit cards left out of the final bill.

The GENIUS Act (S. 1582) would establish procedures for institutions seeking licenses to issue stablecoins and establish regulatory standards for stablecoin issuers. The legislation received bipartisan support, but two proposed amendments threatened to derail the bill. The first by Sen. Roger Marshall (R-Kan.) would have added the routing mandates in the Credit Card Competition Act to the legislation. The second by Sen. Josh Hawley (D-Mo.) would have capped credit card interest rates at 10%. Neither amendment was adopted.

The GENIUS Act next heads to the House.

To view the bill, visit: https://www.congress.gov/bill/119th-congress/senate-bill/1582