Senate Democrats Block US Stablecoin Bill

Senate Democrats blocked a bipartisan bill intended to establish a legal framework for cryptocurrency, after concerns arose about President Donald Trump’s ties to the industry, disrupting negotiations.

On May 8, the Senate voted 48-49, preventing a final vote on the legislation.

Two Republicans, Senators Rand Paul of Kentucky and Josh Hawley of Missouri, joined all present Democrats in opposition. Hawley expressed a desire for “big tech prohibitions” in the bill, while Paul was concerned that regulations might harm the industry.

Senate Republican Leader John Thune also voted against it, allowing for the possibility of another vote.

This vote concluded a chaotic week of negotiations after nine Democrats, who had previously supported the bill, withdrew their support on May 3. They cited concerns that the proposed GENIUS Act did not adequately address money laundering and national security issues.