Stablecoin Reform Stalls in Senate Amid Political Rift
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Efforts to establish a clear legal framework for U.S. stablecoins faced a setback this week as the Senate failed to advance the GENIUS Act. The bill, which sought to formalize rules for stablecoin issuers, stalled on May 8 due to insufficient bipartisan support.
Championed by Senator Bill Hagerty and backed by lawmakers including Tim Scott and Kirsten Gillibrand, the legislation aimed to reinforce the U.S. dollar’s role in digital payments. Its collapse underscores deepening divisions over crypto policy in Washington.
Democrats withheld support despite last-minute anti-money laundering provisions. The impasse leaves the $150B stablecoin market in regulatory limbo as competitors like China advance their CBDC projects.
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