The US Senate voted 48-49 on Thursday to reject progress on the GENIUS bill, which was supposed to create the first regulatory framework for stablecoins in the US but failed to secure the required 60-vote threshold due to stalled bipartisan negotiations.
Democratic lawmakers unanimously opposed the bill, mainly concerned about potential conflicts of interest in the Trump family's recent cryptocurrency partnerships with Abu Dhabi investors. They demanded that provisions be added to the bill banning executive branch officials from engaging in cryptocurrency transactions. Republican Senators Hawley and Paul also voted against the bill due to concerns about excessive regulation.
Despite intense bipartisan negotiations, there was no consensus on key provisions such as anti-money laundering and national security. The bill has been shelved, but Republican leader Thorne said it could still be put back to a vote in the future.
The US Senate voted to reject the progress of the GENIUS Act
2025-05-09 00:03:18
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