Overview

• The Senate voted 48-49 against invoking cloture on the GENIUS Act, delaying its advancement to the floor for debate and vote.
• Democrats withheld support, citing the lack of finalized legislative text and the need for stronger conflict-of-interest safeguards for public officials.
• Republican Senators Josh Hawley and Rand Paul joined Democrats in opposing the motion, while Senate Majority Leader John Thune switched to a 'no' vote to allow for reconsideration.
• The bill proposes requiring stablecoin issuers to hold liquid reserves backed by U.S. Treasury debt and insured deposits, aiming to create a unified federal framework.
• Negotiations, led by Senators Ruben Gallego and Mark Warner, are expected to finalize amendments next week, with leadership signaling a renewed vote once the revisions are ready.