The GENIUS bill is likely to be approved this Wednesday

📌 The GENIUS bill is likely to be approved this Wednesday – that’s the deal.

Cloture, a procedural tool to limit debate and speed up the final vote, calls for 30 hours of debate in the Senate. Barring any procedural delays, the House is expected to take a final vote on both the amendment and the main bill by mid-week. . Threshold

– Cloture, a procedural tool to limit debate and speed up the final vote, calls for 30 hours of debate in the Senate. Barring any procedural delays, the House is expected to take a final vote on both the amendment and the main bill by mid-week.

Senate insiders with knowledge of the situation told BeInCrypto that Wednesday is the likely window for final passage, provided there are no objections that could derail the schedule.

Toon’s filing for a convening vote marks the final step in the Senate’s quest to advance GENIUS legislation. Under Senate rules, the 30-hour limit on debate begins to run as soon as the cloture is applied.

Hence, the vote is set for Wednesday. The bill needs 60 votes to pass the filibuster and move to a final vote.

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This comes after significant bipartisan cooperation, led by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis and Chris Van Hollen.

The Hagerty Amendment (#2307) serves as a negotiated substitute with several compromise provisions designed to increase bipartisan support.

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

State and Federal oversight: The amendment allows issuers of stablecoins with a market value of less than $10 billion to opt for state-level regulation. Issuers above that threshold will be subject to federal oversight.

Reserve and Transparency Requirements: Issuers must maintain reserves at a 1:1 ratio with U.S. dollars or highly liquid short-term assets such as Treasury bills. Monthly confirmation and public disclosure is required to ensure solvency and consumer protection.

Ban on Stable Interest Income Coins: In response to lobbying by the banking sector, the bill would ban stable income coins that can compete with traditional deposits. This provision has generated the most debate.

Restrictions on Foreign Stable Coins: The amendment restricts the circulation of foreign-issued stable coins in the U.S. market without equivalent regulatory oversight, citing national security concerns.

Restrictions on the Executive Branch: The amendment restricts members of the executive branch, including the president, from issuing or approving a national stablecoin, strengthening the power of Congress over monetary innovation.

What happens after the vote?

If the vote to limit debate passes the 60-vote threshold, which is highly likely given the previous bipartisan momentum, the Senate will move to a final vote on Hagerty’s replacement and then the full GENIUS Act.