Countdown to Wednesday's vote: GENIUS Act needs 60 votes to break the filibuster

‍The controversial bipartisan GENIUS Act, which seeks to establish the nation’s first comprehensive federal stablecoin regulatory framework, is on track to pass the Senate on Wednesday, June 11.

This timeline comes after Senate Majority Whip John Thune today filed a motion to close debate (Cloture) on Amendment #2307, a key bipartisan alternative to the original bill (S.1582), as well as the original bill itself.

The motion to close debate is a procedural tool used to limit debate and force a final vote, allowing the Senate to hold 30 hours of focused debate. Barring procedural delays, the Senate is expected to hold a final vote on the amendment and underlying legislation by mid-week.

Senate insiders familiar with the matter told BeInCrypto that Wednesday is likely to be the window for the bill to pass if no objections disrupt the schedule.

The motion to close debate filed by Thune marks the final stage of the Senate's advancement of the GENIUS Act. Under Senate rules, the 30-hour debate clock starts immediately after the motion to close debate is filed.

Therefore, this sets the time window for a vote before Wednesday. The bill needs 60 votes to break the filibuster and move to the final vote.

This follows important bipartisan cooperation led by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen.

The Hagerty Amendment (#2307), as a negotiated alternative, incorporates a number of compromise provisions designed to increase bipartisan support.

Amendment #2307 significantly amends the bill to meet the needs of the banking industry and digital asset companies:

• State and Federal Regulation: The amendment allows stablecoin issuers with a market value of less than $10 billion to choose a state regulatory regime, while issuers with a market value exceeding this threshold will be included in the federal regulatory framework.

• Reserve and transparency requirements: Issuers must be backed by highly liquid short-term assets such as U.S. dollars or U.S. Treasury bonds at a ratio of 1:1, and monthly verification and public disclosure are mandatory to ensure solvency and consumer protection.

• Prohibition of interest-bearing stablecoins: At the request of the banking industry lobby, the bill contains a provision prohibiting the issuance of yield-bearing stablecoins, which may compete with traditional deposits, which is one of the most controversial provisions.

• Restrictions on foreign stablecoins: The amendment restricts the circulation of foreign-issued stablecoins that are not subject to equivalent supervision in the U.S. market on the grounds of national security.

• Limitations on Executive Power: The bill includes a provision that restricts members of the executive branch, including the president, from issuing or endorsing national stablecoins to strengthen Congress's regulatory authority over monetary innovation.

If the vote on the motion to end debate reaches the 60-vote threshold (a high probability given the previous bipartisan momentum), the Senate will hold a final vote on the Hagerty alternative and then on the full text of the GENIUS Act.

After the bill is passed, it will be submitted to the House of Representatives, while the parallel STABLE Act is also gaining attention. Lawmakers will need to reconcile the two versions in conference and then submit the unified bill to the president for his signature.

Sources close to the House Financial Services Committee said the two sides have agreed on most key principles.

However, details such as custody rules and state preemption could still trigger negotiations.