The Senate voted today to invoke the closure of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

The cloture motion, which received 68 votes in favor and 30 against, thus obtaining approval, is a procedural measure that paves the way for further debate. The bill is thus prepared for a final vote by the Senate.

If approved in the final Senate vote, the bill will move on to the House of Representatives. If it clears the deadline, it will then be sent to President Donald Trump for his signature, allowing it to go into effect.

A Senate aide told reporters that the final vote on the bill is expected Monday unless Republican and Democratic leaders reach a temporary agreement that shortens the debate and moves up the verdict.

With the new development, expectations are growing that the bill will continue the necessary legislative steps to reach the president, who hopes to give his approval. Trump has stated that he wants the GENIUS Act ready for his signature by August.

The GENIUS Act requires issuers of dollar-pegged stablecoins, such as Tether (USDT) and USD Coin (USDC), to be subject to regulatory oversight . This would subject them to regular audits of their assets.

Furthermore, the initiative proposes that stablecoins be backed exclusively by dollars, Treasury bills, or other approved assets, and that issuers publish monthly audited reports on their reserves.

This legislation is generating great expectations in the ecosystem, given that it could give greater legitimacy to stablecoins and encourage the adoption of Bitcoin and cryptocurrencies in general.