The U.S. Senate voted 48-49 to reject the advancement of the GENIUS Act.

2025-05-08 23:58:34

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According to Deep Tide TechFlow news, on May 9, NBC reported that the U.S. Senate voted 48-49 to block the advancement of the GENIUS Act on Thursday. The bill was originally intended to establish the first stablecoin regulatory framework in the U.S., but failed to meet the required 60-vote threshold due to a deadlock in bipartisan negotiations.

Democratic lawmakers unanimously opposed the bill, primarily concerned that the Trump family’s recent cryptocurrency collaboration with an Abu Dhabi investor might present a conflict of interest. They called for the inclusion of provisions in the bill to prohibit executive branch officials from engaging in cryptocurrency trading. Republican Senators Hawley and Paul also voted against it due to concerns over excessive regulation.

Despite intensive negotiations between the two parties, they failed to reach a consensus on key provisions such as anti-money laundering and national security. The bill is currently on hold, but Republican leader Thorn stated that it may be resubmitted for a vote in the future.

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