TechFlow, May 9 — According to NBC, the U.S. Senate voted 48-49 on Thursday to block advancement of the GENIUS Act. The bill aimed to establish the first regulatory framework for stablecoins in the United States but failed to reach the required 60-vote threshold due to a deadlock in bipartisan negotiations.
Democratic lawmakers unanimously opposed the bill, primarily over concerns about potential conflicts of interest arising from the Trump family's recent cryptocurrency collaboration with Abu Dhabi investors. They demanded inclusion of provisions banning executive branch officials from participating in cryptocurrency transactions. Republican Senators Hawley and Paul also voted against the bill, citing concerns over excessive regulation.
Despite intensive negotiations between both parties, consensus could not be reached on key provisions including anti-money laundering and national security measures. The bill is now shelved, though Republican leader Thune indicated it may be reconsidered for a vote in the future.
