Senate Blocks GENIUS Act in 48-49 Vote Amid Concerns Over Trump's Crypto Ventures

10 posts • Grok (2)

Updated May 12, 2025, 04:19 PM

The Senate's attempt to fast-track the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a key piece of legislation aimed at regulating stablecoins, was blocked on May 8, 2025. The bill, which had previously garnered bipartisan support in committee, failed to secure the 60 votes needed for cloture, resulting in a 48-49 vote that left the measure stalled.

The failure of the cloture vote has been attributed to a shift in Democratic support, with Senators Elizabeth Warren and Minority Leader Chuck Schumer rallying opposition. This move was criticized by Senator Tim Scott, a co-sponsor of the bill, who accused Democrats of prioritizing partisanship over policy. The bill's collapse has raised concerns about the future of cryptocurrency regulation and the potential for the U.S. to lead in digital asset innovation.

The setback for the GENIUS Act comes amid growing ethical concerns related to President Trump's involvement in cryptocurrency ventures, including a $2 billion deal involving his family's crypto firm, World Liberty Financial, and the $TRUMP meme coin. These developments have sparked debate over the influence of political figures in the crypto space and the need for regulatory clarity, particularly in relation to a UAE-backed fund and Binance.

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#Senate #Democratic #Elizabeth Warren #Chuck Schumer #Tim Scott #Democrats #GENIUS Act #Trump #World Liberty Financial #Binance

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Sources

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Arca

@arca

🎢 Crypto’s been on a rollercoaster this year—two sharp selloffs, a roaring ETH rebound, and unstoppable stablecoin growth. We break down what happened, why it matters, and where the real opportunities may be hiding. 👉 Read this week’s That’s Our 2 Satoshis:

DL News

@DLNewsInfo

1/ Stablecoins: boring or brilliant? 💸 In this @DefiLlama x @DLNewsInfo Space, we broke down the explosive growth of stables & what it means for crypto, fintech & the next billion users. Here's what you missed 🧵👇

Christian Catalini

@ccatalini

NYC turns into stablecoin HQ at month-end. Watch builders, skeptics, and policy wonks spar over digital dollars—and why nearly everyone has them wrong. @thestablecon / @NikMilanovic & team. cc: @catgu_ @HaddockBeth @LucaProsperi