Countdown to the vote on Wednesday! The "GENIUS Act" needs 60 votes to overcome the filibuster.

The controversial bipartisan “GENIUS Act” aims to establish the first comprehensive federal stablecoin regulatory framework in the United States, which may be passed in the Senate on June 11 (Wednesday).

Written by: Blockchain Knight

The controversial bipartisan “GENIUS Act” aims to establish the first comprehensive federal stablecoin regulatory framework in the United States and is expected to pass in the Senate on June 11 (Wednesday).

This timeline was set after Senate Majority Whip John Thune filed a motion to close debate (Cloture) on Amendment #2307 today. This amendment is a key bipartisan alternative to the original Act (S.1582), as well as the original Act itself.

The motion to end debate is a procedural tool used to limit debate and force a final vote, allowing the Senate to have 30 hours of focused debate. If there are no procedural delays, the Senate is expected to hold a final vote on the amendment and underlying legislation in the middle of this week.

An insider in the Senate familiar with the matter told BeInCrypto that if there are no objections disrupting the schedule, Wednesday is likely to be the time window for the final passage of the bill.

The motion to end debate submitted by Thune marks the final stage for the Senate to advance the GENIUS Act. According to Senate rules, a 30-hour debate clock starts running immediately after the motion to end debate is made.

Therefore, this sets a time window for the vote before Wednesday. The bill needs 60 votes to overcome the filibuster and move to the final voting stage.

Previously, Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen led important bipartisan efforts.

The Hagerty Amendment (#2307) serves as a negotiated alternative, incorporating several compromise provisions aimed at increasing bipartisan support.

Amendment #2307 made significant changes to the bill to meet the needs of the banking industry and digital asset companies:

• State and Federal Regulation: This amendment allows stablecoin issuers with a market capitalization below $10 billion to choose state regulatory systems, while issuers exceeding that threshold will fall under federal regulatory framework.
• Reserve and transparency requirements: Issuers must back the stablecoin with a 1:1 ratio using highly liquid short-term assets such as US dollars or US Treasury bonds, and are required to undergo monthly verification and public disclosure to ensure solvency and consumer protection.
• Prohibition on interest-bearing stablecoins: At the request of banking lobbyists, the bill includes provisions to prohibit the issuance of yield-bearing stablecoins, which could compete with traditional deposits, making it one of the most controversial provisions.
• Restrict foreign stablecoins: The amendment restricts the circulation of foreign issued stablecoins in the US market on the grounds of national security, unless they are subject to equivalent regulation.
• Limiting Executive Power: The bill includes a provision that restricts members of the executive branch, including the president, from issuing or endorsing national stablecoins, in order to strengthen Congress’s regulatory authority over monetary innovation.

If the motion to end the debate reaches the threshold of 60 votes (which is quite likely given the previous bipartisan cooperation momentum), the Senate will then hold a final vote on the Hagerty alternative, followed by a final vote on the full text of the GENIUS Act.

After the bill is passed, it will be submitted to the House of Representatives. At the same time, the parallel advancing “STABLE Act” is also gaining attention. Legislators need to coordinate the two versions during the meeting and then submit the unified bill for the president’s signature.

Sources close to the House Financial Services Committee indicate that both parties have reached an agreement on most key principles.

However, details such as custody rules and state priorities may still trigger negotiations.