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The US Senate has scheduled its closing vote for the GENIUS Act for June 17 because the Securities and Trade Fee (SEC) scraps a collection of crypto guidelines that had been proposed beneath the Biden administration.
The official web site for Senate Democrats revealed the scheduled date in a discover yesterday. The precise time for the vote might be determined later by the Majority Chief in session with the Democratic Chief, the discover added.
GENIUS Act May Give A lot-Wanted Stablecoin Readability In The US
The GENIUS invoice goals to determine a authorized and regulatory framework for stablecoins.
That framework consists of requiring stablecoin issuers to totally again their tokens with US {dollars} or equally liquid belongings, mandating annual audits for issuers with greater than $50 billion in market cap, and including compliance tips for issuers exterior of the US.
🚨JUST IN: The Senate will vote on the ultimate passage of the GENIUS Act on Tuesday, time TBD. pic.twitter.com/D9E8wiv4CA
— Eleanor Terrett (@EleanorTerrett) June 12, 2025
The scheduled closing vote comes after the Senate voted in favor of the invoice on June 11, setting it up for a closing vote. Ought to the invoice go it is going to head to the Home of Representatives.
Each the Senate and Home, which has proposed its personal stablecoin laws, might want to attain consensus on their respective payments. Presently, the proposed payments differ on points akin to state and federal regulation of stablecoin issuers, in addition to the oversight of international issuers akin to Tether.
SEC Scraps Biden-Period Crypto Guidelines
Because the GENIUS Act progresses, the SEC has additionally introduced that it’ll rescind guidelines proposed by former anti-crypto Chair Gary Gensler.
Yesterday, the company mentioned it was “withdrawing sure notices of proposed rulemaking” that had been issued beneath Gensler between March 2022 and November 2023.
Down goes 3b16, certified custodian, and all the opposite unfinished Gensler rule proposals. @secgov simply issued closing notices rescinding all of them.
— paulgrewal.eth (@iampaulgrewal) June 12, 2025
Among the many 14 guidelines that had been withdrawn by the SEC was Rule 3b-16. It might have expanded the definition of “alternate” to incorporate DeFi protocols and tighten crypto custody requirements for funding advisers.
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