Overview

• The Senate failed to invoke cloture on the GENIUS Act, a bipartisan bill to regulate stablecoins, in a 48-49 vote, with all Democrats and two Republicans voting against it.
• Democrats withheld support, citing the absence of finalized bill text and unresolved concerns over ethics safeguards and anti-money laundering provisions.
• The proposed legislation would require stablecoin issuers to maintain liquid reserves in safe assets like U.S. Treasury securities and be supervised by federal or state regulators.
• An amendment barring presidents, executive officials, and members of Congress from issuing or sponsoring digital assets was secured but not yet incorporated into the bill text.
• Senate Majority Leader John Thune pledged to revisit the bill next week after the negotiated changes are formally added, with stakeholders emphasizing the importance of U.S. leadership in digital asset innovation.