Overview

• The Senate failed to advance the GENIUS Act with a 48-49 cloture vote, falling short of the 60 votes needed to proceed.
• Democrats withdrew support over the absence of finalized legislative text and concerns about President Trump's stablecoin ventures.
• Majority Leader John Thune switched his vote to 'no' to preserve the option of reintroducing the bill for reconsideration next week.
• Treasury Secretary Scott Bessent criticized the delay, warning it could harm U.S. leadership in financial innovation and stablecoin regulation.
• Industry leaders and lawmakers signal continued negotiations, with hopes for a revised vote once amendments and text are finalized.