Senator Cynthia Lummis (R-Wyo.) announced on Thursday that senators appear to have reached consensus on the final text of the long-debated stablecoin legislation, officially titled the GENIUS Act. After an intensive week of negotiations, Cynthia Lummis stated that the bill is now in its final form and will likely move to a procedural vote as early as Monday. “It has been an all-week marathon and sprint at the same time, but I believe we’ve got the final, final language,” Lummis told The Hill.
The GENIUS Act aims to establish a regulatory framework for payment stablecoins—a type of cryptocurrency pegged to the U.S. dollar or other fiat currencies. Cynthia Lummis emphasized that the recent updates to the bill were focused more on precise language and technical clarifications than sweeping policy changes. Senate Majority Whip John Thune backed up Lummis’s optimism, scheduling the bill for procedural action next week.
Previous Setback Sparks Renewed Negotiations
Last week, the bill’s momentum stalled when Senate Democrats blocked a procedural vote, preventing the GENIUS Act from advancing. The measure failed by a narrow 48-49 margin—well short of the 60 votes needed to move forward—due to a breakdown in bipartisan support. A number of Democrats who had earlier supported the bill in committee backed away after feeling that Republicans were rushing the process without fully addressing key concerns.
Among those concerns were issues related to anti-money laundering, national security, and consumer protections. Senate Democrats argued that negotiations had been prematurely cut off and demanded more time to refine critical provisions. Despite the impasse, discussions resumed this week, with senators from both parties returning to the table.
Encouraging signs emerged midweek, as crypto-friendly Democrats expressed cautious optimism about the direction of talks. Sen. Mark Warner (D-Va.) noted that only a few language issues remained unresolved, saying, “I think the bill is much improved.” Sen. Ruben Gallego (D-Ariz.), the ranking Democrat on the Senate Banking subcommittee on digital assets, echoed those sentiments, saying the sides were “very close” to finalizing an agreement.
Democrats Claim Wins in Latest Draft
According to a document circulating among pro-crypto Democrats, the updated version of the GENIUS Act includes several concessions aimed at gaining broader bipartisan support. These include strengthened measures to combat money laundering and enhance national security, as well as bolstered consumer protections.
One notable addition is a provision that restricts non-financial public companies—such as Big Tech giants like Meta, Amazon, and Google—from issuing stablecoins unless they meet strict requirements concerning financial risk, consumer privacy, and fair competition. “This helps prevent companies like Meta, Amazon, Google, and Microsoft from issuing a stablecoin and maintains the separation between banking and commerce,” the document notes.
Cynthia Lummis With final language reportedly in place and key concerns addressed, supporters hope that the Senate will be able to move forward with the bill next week. If passed, the GENIUS Act would mark a significant step in establishing federal oversight of the rapidly evolving stablecoin market.
