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8h ago

Senate Fails to Advance Stablecoin Regulation Bill in Procedural Vote

The GENIUS Act, which seeks to establish federal oversight of stablecoins, stalled as Democrats demanded more time to review final amendments.

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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 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.