U.S stable coin GENIUS bill stalled on May 8th, 2025 after Democrats blocked a cloture vote, citing concerns over anti-money laundering standards, foreign issuers, and potential conflicts linked to President Donald Trump's crypto involvement

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May 8, 2025

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The bill to set oversight and standards for stablecoin issuers sailed through the Senate Banking Committee with wide bipartisan support in March, but it hit a wall on the Senate floor last week as many Democrats raised objections. Chief among them were the conflicts that may be presented by President Donald Trump's own crypto interests and the possibility that big technology firms like Meta and social-media site X may be able to issue such tokens.

Last week, a Senate vote to move forward with the stablecoin bill, dubbed the GENIUS Act, collapsed after no Democrats agreed to a cloture vote. Democrats had aired concerns over the past several weeks about the need for stronger standards in the bill around anti-money laundering and foreign issuers. President Donald Trump's crypto involvement has complicated matters given his ties to decentralized finance platform World Liberty Financial's launch of a stablecoin.

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Week 19 of 2025