The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.

The U.S. Senate has moved forward with the GENIUS Act — a bill designed to regulate stablecoins — following a key vote on May 19 that passed 66-32.

Stablecoin legislation advanced on the Senate floor Monday in an early win for the crypto industry, but the bill is expected to face a lengthy amendment process that will likely push a final vote

The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

Sen. Elizabeth Warren (D-Mass.) is urging her colleagues to vote down updated stablecoin legislation, arguing it fails to sufficiently address concerns related to President Trump’s crypto ties and

The bill’s co-sponsors are feeling confident the bill will now head towards a final vote in the Senate as soon next week. According to crypto analysts, including Fundstrat’s Sean Farrell, that could spark another massive Bitcoin rally.

John Deaton, a prominent XRP lawyer, warns that the failure of the GENIUS Act in the Senate could halt meaningful progress in crypto regulation for years to come.