GENIUS Act Clears Senate Cloture: Final Vote Imminent

GENIUS Act Clears Senate Cloture: Final Vote Expected This Week

The United States Senate has successfully passed the cloture vote for the GENIUS Act, a landmark piece of proposed stablecoin regulation. This bipartisan support significantly increases the likelihood of final passage later this week. The amendments, designed to address Democratic concerns about economic disruption, appear to have secured enough votes to overcome any potential filibuster.

Senator Kirsten Gillibrand, a known proponent of responsible cryptocurrency adoption, voiced her support for the bill while expressing reservations about former President Trump’s involvement in the crypto industry. Her vote in favor of cloture signals a strong possibility of continued support during the final vote.

Understanding the Cloture Vote and Next Steps

The cloture vote's success is a key milestone. It limits further debate, allowing the Senate to proceed directly to a final vote. This process prevents the use of a filibuster, a tactic used to delay or block legislation. While some Senators continue to express reservations, the amendments' successful cloture vote suggests the bill has strong momentum.

When Will the Final Vote Occur?

With cloture invoked, the Senate will limit debate to 30 hours. This sets the stage for a final vote as early as late Thursday, June 12th, or possibly Friday, June 13th, depending on procedural matters. However, most observers anticipate a final vote by mid-week, Wednesday or Thursday being the most likely timeframe.

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