The Senate Majority Leader has submitted a motion for closing debate on the GENIUS bill, which will be voted on on May 19

US Senate Majority Leader John Thune has formally submitted a motion for closing debate on the GENIUS Act, which is scheduled for a vote on May 19. The stablecoin regulation bill requires that issuers with assets over $10 billion be regulated by the Federal Reserve, and small institutions are regulated at the state level; all stablecoins must be fully backed by assets such as US dollars or Treasury bonds. The latest bipartisan amendment proposes to add three provisions: 1) stricter rules for technology companies to enter financial assets; 2) stronger consumer protection mechanisms; and 3) stronger supervision of government officials (including Musk and others). The House of Representatives has previously passed a similar STABLE Act, which requires full transparency from stablecoin issuers such as USDT.
If the bill is passed, it will become the first federal legislative framework for stablecoins in the United States. According to Senate sources, the amendments include explicit bans on the abuse of FDIC insurance and enhanced bankruptcy protection provisions to win bipartisan support. The outcome of this vote will directly affect the direction of US regulation in the field of digital assets.