Stablecoin legislation advanced on the Senate floor Monday in an early win for the crypto industry, but the bill is expected to face a lengthy amendment process that will likely push a final vote beyond Congress’ Memorial Day break.

The Senate voted 66-32 on Monday night to move forward with consideration of the GENIUS Act, which would create a regulatory framework for payment stablecoins.

The vote marked a key reversal, bringing on board a group of 16 Democrats who earlier this month had joined the rest of their caucus in blocking the legislation.

However, the bill’s path forward looks slow-going, as Senate Majority Leader John Thune (R-S.D.) plans to allow for floor amendments, which could drag out the process and leave the legislation vulnerable to losing momentum.

Thune has repeatedly underscored in recent weeks that the bill is not yet final and can still be amended from the floor as Democrats have pushed for changes.

“If Democrats were interested in further changes as they claim, they would have had the chance to make those changes on the floor,” Thune said in early May as he teed up a procedural vote on the GENIUS Act that ultimately failed.

“All they had to do was vote for cloture,” he continued. “Not every bill that comes to the floor is a final bill. Now, that might be how it worked when they were in control, but Republicans are doing it differently.”

Several Democrats, a handful of whom voted the GENIUS Act out of the Senate Banking........

© The Hill