The U.S. Senate is set to hold a procedural vote on the Stablecoin Regulation Bill in the early morning hours.

BlockBeats News, May 8, according to crypto reporter Eleanor Terrett, the U.S. Senate is scheduled to procedurally vote on the updated version of the stablecoin regulation bill "GENIUS Act" at 1:45 p.m. ET (1:45 a.m. Beijing Time on May 9). It is reported that after late-night negotiations between the Senate Republicans and Democrats and last-minute text updates, the voting situation will be an "intense showdown." The bill needs 60 votes to pass, with the current Senate having 53 Republicans and 47 Democrats, requiring Republicans to garner support from at least 7 Democrats.

BlockBeats previously reported that the "GENIUS Act," officially the "Guidance and Enhanced Oversight of Innovators and Users of Stablecoins Act," is a legislation introduced by the U.S. Senate on February 4, 2025, aiming to establish a comprehensive regulatory framework for "payment stablecoins" operating within the United States to promote financial innovation, protect consumers, combat illicit financial activities, and reinforce the U.S. dollar's dominant position in the global financial system.