AsianFin — The U.S. Senate is preparing to vote this week on the Guiding and Empowering U.S. Stablecoin Innovation Act, commonly known as the “Genius Act”, in a pivotal step toward establishing a federal regulatory framework for dollar-pegged stablecoins.

Senate Majority Leader John Thune, a Republican, announced on June 9 that GOP lawmakers are working to finalize revisions to the bill in an effort to push it through the Senate before the end of the week. Thune has filed a motion to end debate on the bill, paving the way for a procedural vote as early as June 11.

According to the Associated Press, as many as 16 Senate Democrats have expressed support for the bill, giving it strong bipartisan momentum. Even if amendments are required, the legislation is widely expected to clear the Senate later this month.

With Republicans holding 53 out of 100 Senate seats, the Genius Act appears to have the votes needed for passage. The bill is designed to regulate stablecoins, a type of cryptocurrency that aims to maintain a stable value by being pegged to traditional assets like the U.S. dollar.

Supporters of the bill argue that it will strengthen consumer protections, improve market transparency, and enhance the overall legitimacy of the crypto industry in the U.S. If passed, it would mark a major milestone in the federal government’s approach to digital asset regulation.