GENIUS Stablecoin Bill Fails Senate Vote, Democrats Emphasize Need to Ban Trump Group from Crypto

BlockBeats News, May 9th, according to NBC, the U.S. Senate rejected the "Stablecoin Innovation and Safety Act" (GENIUS Act) with a 48-49 vote, with Democratic senators collectively voting against a motion to proceed with the bill. The bill aimed to establish the first regulatory framework for the issuance of stablecoins (digital tokens pegged to the U.S. dollar and other fiat currencies) in the United States.

This bill required 60 votes to proceed to a final Senate vote, and Republicans currently hold a slim majority of 53-47. Democrats pushed for specific provisions, including a ban on executive officials, including former President Trump and his family members, from holding or trading in cryptocurrency, and strengthened anti-corruption clauses.

According to two sources familiar with the matter, after committee approval, the bill was modified as per Democratic requests, including retaining states' regulatory authority over foreign-issued stablecoins and expanding the scope of monitoring suspicious transactions by stablecoin users.