tl;dr
The Senate narrowly rejected the motion to consider the GENIUS Act, a bill aimed at regulating stablecoins in the US, with a 49-48 vote. Senate Majority Leader John Thune criticized Democrats for using the filibuster and blocking a bipartisan bill. Senators and officials, including Tim Scott, Treasu...
The Senate narrowly blocked cloture on the GENIUS Act, delaying stablecoin regulation in the US. The motion to consider the bill was rejected with a tight 49-48 vote, highlighting a sharp partisan divide.
Senate Majority Leader John Thune criticized Democrats for employing the filibuster, calling it an obstacle against a bipartisan initiative. Thune emphasized the bill's broad bipartisan support and the missed chance to amend it on the floor.
Prominent figures such as Senator Tim Scott, Treasury Secretary Scott Bessent, and Senator Cynthia Lummis expressed disappointment. They underscored the lost opportunity for the US to lead in digital asset innovation and establish a consistent federal regulatory framework rather than a patchwork of state rules.
Secretary Bessent described the bill as a “once-in-a-generation opportunity” to boost dollar dominance and ensure financial innovation competitiveness globally. Lummis reiterated the importance of American leadership in digital assets and thanked key bipartisan figures for their commitment to keeping the industry domestic.
Although the GENIUS Act faced temporary delay, industry experts like Galaxy Digital’s Alex Thorn and Digital Chamber’s Taylor Barr remain optimistic about a revised bill being introduced shortly. Legal and policy leaders conveyed that the legislation's failure is not final but a call for more bipartisan collaboration to pass stablecoin regulation.
The prevailing sentiment among stakeholders is that digital assets are here to stay, and bipartisan efforts will ultimately push the GENIUS Act through, ensuring the US remains a global leader in the evolving crypto landscape.