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15h ago

Senate Blocks GENIUS Act, Stalling Stablecoin Regulation Efforts

The procedural vote failed 48-49 as Democrats demand finalized text and stronger anti-corruption safeguards, with potential floor action expected next week.

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Arizona Democratic Sen. Ruben Gallego, who supported the bill in committee, said over the weekend he would oppose it on the floor.
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Overview

  • The Senate failed to invoke cloture on the GENIUS Act, leaving the stablecoin regulation bill stalled after a 48-49 vote on May 8.
  • Democrats withheld support over incomplete bill text and concerns about Trump family involvement in stablecoin ventures, seeking stricter anti-corruption measures.
  • Senate Majority Leader John Thune changed his vote to no, preserving the option to reintroduce the bill once amendments are finalized.
  • Treasury Secretary Scott Bessent criticized the vote as a missed opportunity for U.S. leadership in digital asset regulation, calling the bill a 'once-in-a-generation' chance.
  • Bipartisan negotiations are expected to continue, with the bill potentially returning to the Senate floor next week for reconsideration.