Stablecoin Legislation Suffers Severe Blow as GENIUS Act Fails to Pass Key Senate Vote
The GENIUS Act, a pivotal stablecoin bill, faced a significant setback after failing to clear a procedural vote in the Senate. The defeat signals broader challenges for cryptocurrency legislation under consideration in Congress.
Key Democrats who previously supported the bill, including co-sponsors Senator Kirsten Gillibrand (D-NY) and Senator Angela Alsobrooks (D-MD), voted against cloture—effectively halting progress toward a full vote. The move underscores growing political divisions around crypto regulation despite earlier bipartisan momentum.
Market observers warn the impasse could delay federal oversight for stablecoins, leaving the $160 billion sector in regulatory limbo. The outcome may also dampen prospects for other digital asset bills awaiting action.
