Genius Act Advances Toward Final Debate Following Senate Vote: What Happens Next? AllinCrypto June 12, 2025
The GENIUS Act cleared a significant legislative hurdle with a 68–30 Senate vote, advancing the bill to a final floor debate scheduled for later in the month.
Majority Leader John Thune, speaking on June 11, urged the Senate to support the bill, emphasizing its role in shaping the future of digital assets in the US economy.
With this advancement, the GENIUS Act moves closer to becoming enacted into law. The legislation aims to establish a comprehensive regulatory framework for integrating stablecoins into the U.S. financial system, providing clear guidance for their use and oversight.
Opposition From Senator Elizabeth Warren Based on President Trump’s Crypto Dealings
Despite the bill’s momentum, Democratic Senator Elizabeth Warren voiced strong opposition, raising concerns about its implications.
Speaking on the Senate floor, Warren criticized the Act for failing to address potential ethical violations connected to former President Donald Trump’s involvement in cryptocurrency ventures, such as the Trump Solana meme coin and World Liberty Financial.
Warren pointed to reports of Trump offering exclusive gala dinners to top holders of the TRUMP token, suggesting it creates a pay-to-access system for political influence.
She also scrutinized SEC Chair nominee Paul Atkins for holding $6M in crypto assets, expressing concern about conflicts of interest.
From Elizabeth Warren:
“By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion.”
According to reports, Democratic lawmakers have pushed for further amendments to the bill, even as it proceeded through the June 11 vote.
Next steps for the GENIUS Act
While the 68-vote margin signals strong bipartisan support, the bill still requires a final vote in a chamber where Democrats hold a majority. Its passage remains contingent on further negotiations and potential revisions.
In contrast to Warren’s stance, Senator Cynthia Lummis, a vocal advocate for Bitcoin and digital assets, spoke in favor of the bill last month:
“Digital assets are the future, and it is our responsibility to ensure the United States continues to lead the way.”
“The uncomfortable reality is that our payment system is outdated. Many of our financial rails date back to the 1970s and 1980s, before the internet transformed how we live and work.”
As the final vote approaches, the GENIUS Act continues to draw attention, with both support and criticism highlighting the broader debate over the role of cryptocurrency in American governance and finance.
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