US lawmakers advanced two blockchain-related legislative efforts on May 21, approving the GENIUS Act for debate and reintroducing the Blockchain Regulatory Certainty Act in the House.
Lawmakers voted 69–31 to approve a motion to proceed on the Government and Enterprise Need for Innovation in the United States Act, or GENIUS Act, allowing formal debate and amendment processes to begin.
The motion follows a successful 66–32 cloture vote held May 19, which capped initial negotiations and demonstrated bipartisan support for the underlying bill.
Senate debate on GENIUS Act
The GENIUS Act sets standards for stablecoin issuance, requiring issuers to maintain high-quality liquid reserves, typically US Treasuries or insured deposits, fully backed 1:1 against outstanding liabilities.
It prohibits offering yield-bearing products and mandates issuer compliance with know-your-customer (KYC) procedures, suspicious activity monitoring, and anti-money laundering (AML) programs.
Depending on the issuance scale, issuers must also operate under the supervision of federal authorities or federally certified state regulators.
Approval for debate includes an amendment process allowing for extensive discussion and the ability to limit it. The open-ended debate process allows senators to propose and review amendments before any final vote.
Blockchain Regulatory Certainty Act
While Senate deliberations proceed, lawmakers in the House reintroduced a separate measure to improve regulatory clarity for developers.
Congressmen Tom Emmer (R-MN) and Ritchie Torres (D-NY) filed the Blockchain Regulatory Certainty Act to codify protections for software developers and blockchain service providers who do not custody customer assets.
The bill, also known as the “Blockchain Regulatory Certainty Act,” proposes a federal safe harbor that would prevent developers and node operators from being treated as money transmitters, financial institutions, or other regulated intermediaries solely by producing or maintaining blockchain software.
The measure specifies “blockchain developer” as any entity creating or maintaining software for decentralized networks and defines “control” as the legal authority to unilaterally access and transact with digital assets without a third party.
Furthermore, the bill states that developers or service providers cannot be subject to state or federal licensing obligations unless they control users’ digital assets. It also clarifies that the bill does not preempt intellectual property law or prevent states from enforcing compatible regulatory frameworks.
The House did not schedule the markup or floor vote of the Blockchain Regulatory Certainty Act. Yet, it signals renewed momentum on the House side to differentiate custodial and non-custodial actors in digital asset ecosystems.
The post GENIUS Act clears Senate motion, House lawmakers reintroduce Blockchain Certainty Act appeared first on CryptoSlate.
