Stablecoin Legislation Stalls as GENIUS Act Fails

GENIUS Act Fails Senate Vote, Jeopardizing Crypto Legislation

• The GENIUS Act failed a key procedural vote in the Senate on Thursday.
• Pro-crypto Democrats who voted against cloture include Ruben Gallego, Mark Warner, Lisa Blunt Rochester, Andy Kim, Kirsten Gillibrand, and Angela Alsobrooks.
• The bill aimed to establish a legal framework for issuing stablecoins in the U.S.
• A new version of the bill circulated without full Democratic knowledge contributed to the loss of support.
• President Trump’s crypto-related announcements stirred conflict-of-interest concerns among Democrats.

The GENIUS Act’s failure in the Senate significantly reduces its chances of passing and may negatively impact other crypto-related legislation. Key Democrats withdrew support due to concerns over anti-money laundering and national security requirements in the latest draft.