CMC News: Stablecoin Bill Gets Democratic Support Before Senate Vote
Sen. Mark Warner, D-Va., has backed the stablecoin legislation, calling it a “meaningful step forward” before the key vote.
The Senate will hold a cloture vote on the Guiding and Establishing National Innovation for U.S. Stablecoins Act on Monday.
The bill previously stalled earlier this month after receiving zero Democratic support in initial negotiations.
Republicans need 60 votes to advance the legislation, making bipartisan backing essential for passage.
Key Democratic concerns include Anti-Money Laundering standards and provisions governing foreign stablecoin issuers.
President Trump’s ties to World Liberty Financial’s USD1 stablecoin launch have complicated Democratic support.
Sen. Elizabeth Warren opposes the bill, claiming it will “accelerate Trump’s corruption by supercharging the size of the stablecoin market.”
The legislation requires 100% reserve backing with U.S. dollars and annual audits for stablecoins with over $50 billion market cap.
Stand with Crypto announced it will score Monday’s vote as a “key vote” for stablecoin regulation.
Solana Policy Institute’s CEO said “all signs point positive” ahead of the GENIUS Act vote.
