Genius Act was blocked in the U.S. Senate after failing a vote on procedure known as cloture, due to last-minute opposition from Senate Democrats who expressed concerns over President Donald Trump's crypto ventures

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May 8, 2025

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U.S. senators voted to not move forward for now with a bill on Thursday to regulate stablecoins following escalating tension over the past several days over President Donald Trump's crypto involvement and concerns about about the stablecoin bill specifically. The Senate voted via cloture, part of a procedural process, on Thursday.

The bill, sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis and Angela Alsobrooks, received last-minute pushback from Democrats, who took aim at the bill and raised concerns about US President Donald Trump’s cryptocurrency ventures.

The GENIUS Act failed to clear a procedure called cloture after pushback from Senate Democrats, who raised concerns about US President Donald Trump's crypto ventures.

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Week 19 of 2025