The US Senate has taken a significant step forward in regulating crypto stablecoins with the unanimous passage of cloture on the ‘Guiding and Establishing National Innovation for U.S. Stablecoins Act,’ or the GENIUS Act. This procedural move signals an imminent final vote on the measure, paving the way for the legislation to become law. Senator Tim Scott, a Republican from South Carolina, underscored this development by stating, “This did not happen by accident. It happened because we led; to those who said Washington could not act or that bipartisanship was impossible — let’s prove them wrong.” %,The GENIUS Act aims to establish clear regulations for crypto stablecoins, requiring them to be fully backed by US dollars or equivalent liquid assets, and imposing annual audits on issuers with market caps exceeding $50 billion. Notable figures within the Democratic party cast differing votes on the bill, with several Democrats including Senator Chuck Schumer of New York, Amy Klobuchar of Minnesota, and Elizabeth Warren of Massachusetts voting against it, while others like Senator Ruben Gallego of Arizona supported the bill.