Senate Republicans are moving ahead with a Thursday vote on the GENIUS Act, a bill aimed at regulating dollar-backed stablecoins, despite mounting opposition from both Democrats and within their ranks, setting the stage for a contentious showdown.
Majority Whip John Thune (R., S.D.) filed cloture Tuesday on the motion to proceed with the bill, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act.
The legislation would impose licensing, reserve, and disclosure requirements on stablecoin issuers, marking the first major U.S. federal framework for the sector.
The bill cleared the Senate Banking Committee in March with bipartisan support. But its prospects have dimmed in recent days.
At least three Republican senators—Rand Paul of Kentucky, Josh Hawley of Missouri, and John Kennedy of Louisiana—have come out against the current version, according to Punchbowl News’ Brenden Pedersen.
Meanwhile, nine Senate Democrats issued a joint statement Saturday opposing the bill, citing the lack of transparency around recent revisions.
It comes as House democrats staged a walkout of a hearing on Tuesday, led by House Financial Services Committee ranking member Maxine Waters (D-CA) in protest of President Donald Trump’s crypto projects.
Despite the uncertainty, Senate leadership is pressing forward, a move some observers see as politically calculated.
With the GOP holding 53 seats and likely unable to reach the 60-vote threshold needed for cloture without significant Democratic crossover, the vote may serve to pin blame for failure on Democrats ahead of the 2026 midterms.
The bill’s latest draft circulated informally last week, prompting confusion among lawmakers and staff. Some Democrats say they were not briefed on key changes, contributing to the breakdown in negotiations.
Still, the decision to proceed underscores Republicans’ desire to position themselves as proactive on digital asset policy, even if the bill fails on the floor.
Proponents of the bill, including Senator Bill Hagerty (R., Tenn.), argue that the legislation is crucial for maintaining U.S. leadership in digital asset innovation.
"We have a choice here," Hagerty tweeted last week. "Move forward and make any remaining changes needed in a bipartisan way, or show that digital asset and crypto legislation remains a solely Republican issue."
The vote comes as crypto-aligned PACs like Fairshake are preparing to spend heavily in upcoming races, heightening the political stakes of Thursday’s outcome.
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