Senate Nears Consensus on GENIUS Act, Vote Expected Next Week

Democrats and Republicans in the Senate are close to finalizing the stablecoin bill, GENIUS Act. According to sources, negotiations have entered their final phase.

Currently, the remaining points of contention center on ethical standards for temporary government advisers (specifically Elon Musk) and the regulatory framework for public companies looking to issue stablecoins.

Negotiations and Key Disputes

According to a draft published by Punchbowl News and Fox Business journalist Eleanor Terrett, Democrats have highlighted progress on consumer protection and ethics provisions. However, several technical details are still under discussion.

A central sticking point involves provisions related to sitting U.S. President Donald Trump and the involvement of his family firm, World Liberty Financial, in the issuance of a token and a $2 billion agreement with the UAE government. While Democrats have pushed for stricter restrictions on senior officials, the bill’s current version does not explicitly bar the president’s participation.

Among the four main sticking points are anti-money laundering requirements for foreign stablecoin issuers and mandatory annual audits for companies with a market cap over $50 billion.

“The way that things stand now, we’re 90% there,” an anonymous source told The Block. To proceed with a procedural vote to close debate, Democrats seek firm assurances that Republicans will back the finalized version and remain committed to constructive negotiations.

Amendments in the New Draft and Voting Outlook

The updated version of the bill introduces new provisions related to national security, ethics, and Big Tech. Specifically, public companies without a core financial focus would be required to obtain unanimous approval from the Independent Stablecoin Certification Committee before issuing their own tokens.

A particularly contentious issue is the exemption of the president and vice president from the rule prohibiting the issuance of personal stablecoins, even though the new draft formally equates them with the restrictions applied to special government advisers, such as Elon Musk and David Sacks.

The Senate may attempt to bring the bill to a floor vote as early as next week. As of this writing, Majority Leader John Thune has proposed to initiate the process on Monday evening. If the remaining points of contention are resolved, the legislation could soon move out of gridlock.