The US Senate will hold the final vote on the GENIUS Act next Tuesday, June 17, which will decide the regulatory future of stablecoins in the country.
A statement issued Thursday by Senate Democrats confirmed the date, although the exact time will be determined by the majority leader.
The bill establishes rules for stablecoin issuers, requiring full dollar backing, annual audits for companies with a market capitalization of more than $50 billion, and compliance rules for foreign issuers.
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After passing a vote on Wednesday, the Guiding and Establishing National Innovation for US Stablecoins Act now moves to a final vote in the Senate.
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If approved, it will be sent to the House of Representatives, where the STABLE bill, a competing bill, was introduced in May.