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Senate fails to advance first ever crypto regulatory legislation
- The U.S. Senate failed to advance the bipartisan GENIUS Act on stablecoin regulation in a 48-49 cloture vote on May 8, 2025, halting the bill on the Senate floor.
- The bill aimed to create the first federal framework for stablecoins amid concerns over money laundering, consumer protections, and national security, but Democrats pushed for stronger provisions and changes.
- The GENIUS Act required stablecoins to hold one-to-one reserves in regulated institutions and imposed compliance rules including monitoring suspicious activity and blocking illicit transactions.
- Senators Josh Hawley and Rand Paul voted against the bill citing unresolved Big Tech prohibitions, while all Democrats opposed it, with Senator Mark Warner stating, "the work is not yet complete."
- The bill's failure leaves stablecoins unregulated at the federal level, maintaining the status quo without consumer safeguards or national security measures, while lawmakers signal continued negotiations on cryptocurrency policy.
38 Articles
38 Articles
State of Crypto: Mapping Out the Senate Stablecoin Bill's Next Steps
House Republicans unveiled a discussion draft of a market structure bill but all eyes this week were on the Senate, where a largely bipartisan effort to advance stablecoin legislation ran up against a wall.PS: I'll be in Toronto next week for Consensus. In town? Come say hi.You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.Unstable movemen…
Crypto Bill Stalls in Senate as Democrats Withdraw Support
WASHINGTON—The U.S. Senate on May 8 failed to advance a bill that would regulate “stablecoins” in the cryptocurrency market, dealing a blow to a bipartisan effort backed widely by the industry. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, sponsored by Sen. Bill Hagerty (R-Tenn.), was intended to bring about a system of regulations for the market of stablecoins, which are digital tokens whose value is pegged…
Senate Fails to Advance Stablecoin Bill as Partisan Divide Widens
The U.S. Senate came close to passing long-awaited stablecoin legislation this week — but ultimately, politics prevailed over policy. The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), was blocked on the floor in a 48–49 cloture vote. Though the vote was a procedural step to allow for debate, and potentially a quick floor vote thereafter, this sudden roadblock sent a loud message: a widely negotiated legisla…
Senate fails to advance first ever crypto regulatory legislation
The Senate failed to advance cryptocurrency legislation that would create a regulatory framework for stablecoins and companies that want to be licensed to issue stablecoins. The Genius Act had bipartisan support when it was first introduced, but it fell short after two Republicans, Sens. Josh Hawley, Mo., and Rand Paul, Ky., joined Democrats in voting against it. Democrats contend that its consumer and money laundering protections don’t go far e…
Pro-Crypto GENIUS Act, for Now, Falls Short of Advancing in Senate
This afternoon, a major cryptocurrency industry-supported bill, the GENIUS Act, fell short of proceeding in the Senate. Several key Democrats who had been negotiating with Republicans to advance the legislation, which would establish a regulatory framework for the digital assets known as stablecoins, opted against moving forward with the version of the bill in front of them—for today, at least.Ahead of the vote, Sludge reported with More Perfect…
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