US Senate Blocks Stablecoin Bill

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Legislation aimed at establishing a framework for payment stablecoins failed to advance in the Senate on Thursday, as several Democrats opposed moving the bill forward.

The Senate voted 48-49 against ending debate on the GENIUS Act, falling short of the 60 votes needed to proceed.

Senate Majority Leader John Thune (R-S.D.) changed his vote from yes to no as a procedural tactic to potentially revisit the measure.

Democrats who initially supported the GENIUS Act withdrew their backing after Republican leaders attempted to fast-track a vote, accusing them of prematurely ending negotiations. They argued that the latest version of the bill lacked sufficient provisions on anti-money laundering, national security, and other critical issues.