General Discussion

Stablecoin Legislation Suffers Severe Blow as GENIUS Act Fails to Pass Key Senate Vote

The GENIUS Act failed a key Senate vote Thursday, leaving the future of the stablecoin bill and other crypto legislation in question.

The Senate’s GENIUS Act failed to pass a key procedural vote on Thursday, a stunning blow to the stablecoin bill’s chance of passage that may have further negative consequences for other crypto legislation pending on Capitol Hill.

Several pro-crypto Democrats voted against cloture on the bill, meaning they did not support formally ending debate on the legislation and advancing it towards a full vote. Democrats who voted against cloture today, who previously supported the GENIUS Act, include Ruben Gallego (D-AZ), Mark Warner (D-VA), Lisa Blunt Rochester (D-PA), Andy Kim (D-NJ), Kirsten Gillibrand (D-NY), and Angela Alsobrooks (D-MD). Alsobrooks and Gillibrand initially co-sponsored the bill.

"While we've made meaningful progress on the GENIUS Act, the work is not yet complete, and I simply cannot in good conscience ask my colleagues to vote for this legislation when the text isn't yet finished," Sen. Warner said in a statement following the failed vote.

Now, chances of passage for the GENIUS Act, which would establish a legal framework for issuing stablecoins in the United States, have slimmed significantly.