The GENIUS bill failed to pass a cloture vote on its first attempt on May 8, receiving a 48-49 result due to Democratic concerns over consumer protection and national security, which were partially addressed through follow up concessions in subsequent bipartisan negotiations

Event date

May 8, 2025

Quotes that support claims

Senators have been negotiating elements of the bill over the past few weeks, people familiar with the matter told Blockworks.

Last week, no Democrats supported the bill, citing concerns over provisions related to foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins, and President Donald Trump’s deepening ties to crypto ventures, including one that recently launched a stablecoin. Later that week, however, some Democrats touted wins following those negotiations involving big tech, consumer protections, and ethics, according to a document obtained by Punchbowl News. Those wins included ensuring that conflicts of interest standards would apply to "regular and special government employees, including Elon Musk." Still, the rules do not seem to apply to Trump, as Mark Hays, senior policy analyst at Americans for Financial Reform, said last week.

The passage comes after a cloture vote on the GENIUS Act failed earlier this month in a 48-49 vote.

Tags

Week 19 of 2025