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Senate Divided Over GENIUS Act to Ban Officials From Profiting in Crypto Amid Trump Meme Coin, 42 Votes Against Cloture

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Updated May 8, 2025, 06:19 PM

Senate lawmakers are currently engaged in intense negotiations over the GENIUS Act, a bipartisan cryptocurrency regulation bill that aims to ban presidents, lawmakers, and their families from issuing, endorsing, or profiting from crypto assets, including meme coins and stablecoins. The bill has faced opposition from Senate Democrats who are pushing to delay the vote, citing the absence of finalized bill text and concerns over weak regulation provisions that could benefit Big Tech firms and allow private currencies. Senate Majority Leader John Thune has filed cloture to force a vote on Thursday, but Democrats have blocked requests to postpone the vote, resulting in a likely rejection of cloture with 42 votes against it. Critics, including Democratic representatives Sylvia Garcia and Robert Garcia, have accused former President Donald Trump of using his office to profit from cryptocurrency, particularly through a meme coin linked to his associates, and of undermining ethics oversight by firing watchdogs investigating crypto fraud. Senator Ritchie Torres has introduced a bill specifically banning federal officials and their families from profiting off meme and stablecoins. The debate reflects broader concerns about corruption and regulatory gaps in the cryptocurrency sector amid Trump's involvement in crypto assets.

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#GENIUS Act #Senate Democrats #Big Tech #Senate #John Thune #Democrats #Democratic #Sylvia Garcia #Robert Garcia #Donald Trump #Ritchie Torres #Trump

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Sources

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John Bresnahan

@bresreports

42 votes against cloture on the GENIUS Act

Brendan Pedersen

@BrendanPedersen

So far, of gettable Democratic lawmakers on GENIUS, Sens. Blunt Rochester, Cortez Masto, Hickenlooper, Kim, Lujan, Schiff, Warner and Alsobrooks have voted against cloture.

David Dayen

@ddayen

I'm told Democrats will vote no to end debate on proceeding on the GENIUS Act (the stablecoin bill), but that the bill is likely to come back next week.