The U.S. Senate is poised to hold a vote on a crucial piece of legislation that aims to outline regulations governing stablecoin issuers, which represents a significant move in the realm of cryptocurrency legislation within the Senate.

Senate Majority Leader John Thune, a Republican from South Dakota, has taken steps to expedite the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, aligning it with two similar bills presently under consideration in both chambers of Congress. The House of Representatives is anticipated to quickly follow suit with its own voting initiative. Thune’s actions aim to minimize delays and facilitate swift action on the bill. While a precise timeline for the Senate vote remains unclear, a prior vote within the Senate Banking Committee received a strong bipartisan majority of 18-6, and the House Financial Services Committee has also advanced its corresponding legislation.

“I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and ensure foreign companies adhere to the same standards,” stated Senator Bill Hagerty, who authored the bill and has the support of Senator Tim Scott, the chairman of the Senate Banking Committee.

According to Bo Hines, a close advisor to President Donald Trump, the two bills share considerable similarities, approximately 90%, with members across both chambers actively negotiating to reconcile any differences. Hagerty also mentioned plans to introduce an updated version of the bill shortly.