US Senate holds vote on stablecoin bill amid growing opposition

Jakarta, Pintu News – Despite opposition from Democrats and some Republicans, the US Senate is moving forward with plans to vote on Thursday on the GENIUS Act, a bill that aims to regulate dollar-backed stablecoins.

GENIUS Act: A Controversial Stablecoin Regulatory Bill

The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, is the first bill to regulate stablecoins at the US federal level. The bill would establish license, reserve and disclosure requirements for stablecoin issuers, which is considered a major step towards more structured regulation of the digital asset sector in the US. Despite receiving bipartisan support in the Senate Banking Committee in March, the bill’s prospects are now threatened by growing opposition from both Democrats and within the Republican party itself.

Senator John Thune (R., S.D.), the Senate Majority Whip, has invoked cloture on Tuesday to continue consideration of this bill, allowing for a vote on Thursday. Despite potential support, some Republican senators, such as Rand Paul of Kentucky, Josh Hawley of Missouri, and John Kennedy of Louisiana, have expressed reservations about the latest version of the bill, which they say lacks transparency and information.

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Opposition from Democrats and Some Republican Senators

Nine Democratic senators issued a joint statement on Saturday, opposing the bill citing a lack of transparency regarding the latest revisions made to the bill. This exacerbated already existing tensions, especially after the changes were made without an official briefing to legislators.

On the other hand, Republicans holding 53 seats in the Senate are unlikely to reach the 60-vote threshold required for cloture without significant support from Democrats. This has fueled speculation that this vote could be a tool for the GOP to blame the Democrats if the bill fails.

Political Interests in Voting

While there is uncertainty regarding the outcome of the vote, this move is also seen as a calculated political move by the Republican side. They want to position themselves as a proactive party in digital asset policy, even though the outcome may not be sufficient in the Senate. Senator Bill Hagerty (R., Tenn.) who supported the bill emphasized that this legislation is critical to maintaining US leadership in digital asset innovation.

“This is the choice we must make,” Hagerty tweeted last week. “Go ahead and make the necessary changes on a bipartisan basis, or show that legislating on digital assets and crypto remains a solely Republican issue.”

Political Projects and Electoral Influence

Political tensions are mounting ahead of the 2026 election. Crypto-supportive PACs (Political Action Committees), such as Fairshake, are preparing large budgets to support political campaigns, which increases the political pressure related to the outcome of this Thursday’s vote.

The decision to go ahead with the discussion and vote shows Republicans’ willingness to push crypto-related policies further despite tensions within their own party.

Conclusion

Thursday’s planned vote on the GENIUS Act will be a turning point in stablecoin regulatory policy in the US, with major implications for the future of digital asset regulation. Despite growing opposition, especially from Democrats and some Republicans, the GOP is likely to push this agenda to capitalize on the crypto issue in the political context ahead of the 2026 elections.

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Reference:

• BeInCrypto.“Senate to Vote on GENIUS Act as GOP Presses Forward Despite Mounting Opposition.” Accessed May 7, 2025.
• Featured Image: Generated by AI