Stablecoin Legislation Suffers Severe Blow as GENIUS Act Fails to Pass Key Senate Vote
The Senate's GENIUS Act failed to pass a key procedural vote, significantly diminishing its chances for passage and potentially harming other crypto legislation. Several pro-crypto Democrats, including Ruben Gallego and Kirsten Gillibrand, voted against cloture, despite previous support. The bill aimed to establish a legal framework for stablecoins in the U.S. A new version of the bill circulated without prior notice, raising concerns over anti-money laundering and national security. This led nine Senate Democrats to withdraw support. Republican leadership attempted to rally support but were unsuccessful. The failure may jeopardize bipartisan support for other crypto-related bills and alter the legislative agenda for the crypto industry, which had recently gained momentum. A White House spokesperson did not comment on the situation. There is uncertainty about the possibility of a re-vote soon.
