Senate Democrats on May 8 sank a procedural vote on a bill regulating stablecoins, blocking its advancement, but the process isn’t over yet.
Lawmakers in a 49-48 vote filibustered — electing to continue debate on —the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, or GENIUS Act. All Democrats and at least three Republicans voted against the measure, including Majority Leader John Thune, R-S.D., who switched his vote to no so he’d be able to call another vote on the same question at a later date.
The bipartisan bill would establish a series of guidelines for issuers of stablecoins, which are digital assets that tie their value to that of another asset, such as the dollar.
It advanced out of the Senate Banking Committee in March on a bipartisan basis, but in recent weeks, Democrats have raised consumer protection concerns as well as criticism that President Donald Trump could stand to profit off stablecoins.
Lawmakers have been working behind the scenes to modify the bill in order to get the requisite 60 votes, but several Democrats said prior to the May 8 that they need more time.
“While we’ve made meaningful progress on the GENIUS Act, the work is not yet complete, and I simply cannot in good conscience ask my colleagues to vote for this legislation when the text isn’t yet finished,” said Sen. Mark Warner, D-Va., in a statement.
He added, “It is my sincere hope that we can start floor consideration next week after we have finalized our work and given our colleagues adequate time to review.”
After the vote, Thune took to the Senate floor and questioned the Democrats’ decision.
“Democrats have been accommodated every step of the way, up to and including long sessions yesterday and late into the night last night,” Thune said. “Frankly, I just don’t get it. I don’t know what more they want.”
Treasury Secretary Scott Bessent said in a post on X that the bill represents “a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework that is more conducive to growth and competitiveness.”
The senators who voted to sink the vote on May 8 now face a simple choice, according to Bessent: “Either step up and lead or watch digital asset innovation move offshore.”
Liberty Financial, a cryptocurrency firm linked to President Donald Trump, in March announced plans to launch a stablecoin of its own, USD1.
