US Senate Passes 'Cloture Motion' for Stablecoin Bill

Uk Jin

Summary

The US Senate has announced that the cloture motion for the stablecoin bill, known as the GENIUS Act, has passed.
The cloture procedure is significant as it blocks filibusters and allows the initiation of formal bill discussions.
It was reported that more than 15 Democratic senators changed their votes, but the bill ultimately passed.

In the United States, a stablecoin (a virtual asset linked to the value of fiat currency) bill is set to be reviewed.

On the 19th (local time), Eleanor Terrett, host of Crypto in America, announced on X (formerly Twitter) that the cloture motion for the stablecoin bill, known as the GENIUS Act, has passed the Senate. The cloture procedure is a preliminary step before the formal handling of the bill, allowing the initiation of bill discussions by blocking filibusters.

Terrett further noted, "It is reported that more than 15 Democratic senators changed their votes from support to opposition," but added, "However, it ultimately passed."