Senate Democrats Block GENIUS Act in 49-48 Vote Over Trump's Ties to Binance

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Updated May 10, 2025, 09:23 PM

Senate Democrats blocked the bipartisan GENIUS Act, aimed at regulating stablecoins, in a close 49-48 vote. The decision was influenced by concerns over President Donald Trump's potential to profit from his cryptocurrency ventures, including his meme coin which generated over $320 million in fees, and the stablecoin USD1 issued by Trump-affiliated World Liberty Financial, used in a $2 billion investment by an Abu Dhabi fund in Binance.

The bill, which had previously received some Democratic support, failed to advance due to last-minute opposition from Democrats who demanded stronger protections against money laundering and foreign issuers. They also sought to prevent elected officials and their families from engaging in stablecoin business ventures.

The vote represents a setback for the cryptocurrency industry, which has been pushing for regulatory clarity. Senate Majority Leader John Thune criticized Democrats for obstructing the bill, suggesting their opposition was motivated by a desire to deny Trump a legislative victory. Treasury Secretary Scott Bessent emphasized the need for U.S. leadership in stablecoin regulation to maintain global competitiveness, especially in light of Trump's initiatives like the strategic bitcoin reserve.

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#Senate Democrats #GENIUS Act #Donald Trump #Trump #World Liberty Financial #Abu Dhabi #Binance #Democratic #Democrats #Senate #John Thune #Scott Bessent

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Sources

unchainedcrypto.com(2)theblock.co(2)decrypt.co(2)democracynow.org

Democracy Now!

@democracynow

Trump's enthusiastic embrace of crypto has opened new avenues for wealthy interests and foreign powers to buy influence with the White House, says researcher @molly0xFFF. https://t.co/yeLrDusq2P

FOX Business

@FoxBusiness

Key legislation to advance cryptocurrency blocked by Dems on the Senate floor https://t.co/cR9LILlUlv

Laura Shin

@laurashin

CORRECTION: There’s a new version of the stablecoin bill — and this one has fingerprints of lobbying efforts by centralized players like Tether and decentralized systems like DeFi. @regulatoryjason found 4 key differences https://t.co/YqUvt3xEiv