Senate Democrats Block Stablecoin Regulation Amid Concerns Over Trump's Crypto Ventures
Senate Democrats rejected the GENIUS Act, expressing the need for stronger protections against risks linked to Trump’s involvement in cryptocurrencies.
The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.
Senate narrowly rejects cryptocurrency bill pushed by Treasury Sec. Bessent
The Blaze·19h·Mostly ReliableThis source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.RightThis outlet favors right-wing views.
Senate Democrats’ decision to block the stablecoin legislation was the fourth time Democrats have used the 60-vote filibuster since Republicans took control of the upper chamber in January.
Senate Dems Use ‘Jim Crow’ Filibuster Fourth Time To Block Major Bipartisan Bill
Daily Caller·19h·Mixed ReliableThis source has a mixed track record—sometimes accurate but also prone to bias, sensationalism, or incomplete reporting.RightThis outlet favors right-wing views.
Stablecoins have been operating in a legal gray zone.
Stablecoins are back in focus as Senate Democrats reject legislation approving their use
NBC News·19h·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.
The outcome likely means that Trump, who embraced crypto on the campaign trail in 2024 after criticizing it as "not money" in 2019, won't be able to deliver the industry their landmark legislation this summer as expected.
Trump administration rants as Democrats stop crypto bill
Salon·20h·Mostly ReliableThis source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.LeftThis outlet favors left-wing views.
The vote is a blow to one of Trump’s top legislative priorities and a setback for the cryptocurrency industry, which spent heavily in last year’s election and has been emboldened to cement its influence in politics and the mainstream financial system.
Democrats block stablecoin bill as they raise concerns about Trump’s crypto ventures
Boston Herald·20h·Mostly ReliableThis source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.Leans RightThis outlet slightly leans right.
The vote is a blow to one of Trump’s top legislative priorities and a setback for the cryptocurrency industry, which spent heavily in last year’s election and has been emboldened to cement its influence in politics and the mainstream financial system.
Democrats block stablecoin bill as they raise concerns about Trump's crypto ventures
ABC News·20h·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.While some Democrats agree that regulation is needed, and several voted to move the bill out of committee, Trump’s involvement in the crypto industry has complicated the legislation’s path.
Democrats block stablecoin bill as they raise concerns about Trump's crypto ventures
Associated Press·20h·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.
The vote caps a week of frantic negotiations after a group of nine Democrats who had previously supported the bill abruptly announced on May 3 that they would no longer support the stablecoin bill, dubbed the GENIUS Act, citing concerns that the legislation didn't do enough to prevent money laundering and protect national security.
Landmark cryptocurrency bill blocked over concerns about Trump's connections
USA TODAY·20h·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.
The legislation had been pursued on a bipartisan basis, with a number of iterations.
Senate fails to advance crypto bill amid Democratic opposition
CBS News·21h·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.
While there are plenty of bipartisan bills introduced in a Congress this closely divided, it’s rare to see a major piece of regulatory legislation authored by senators from both sides of the aisle gain traction.
CNN·1d·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.Leans LeftThis outlet slightly leans left.The failed vote for the first-of-its-kind measure after last-minute opposition from a bloc of crypto-friendly Democrats derailed what was the product of months of talks between the two sides.
Stablecoin bill fails Senate hurdle after Democratic revolt
Washington Examiner·1d·Mostly ReliableThis source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.Leans RightThis outlet slightly leans right.
Summary
In a significant vote, Senate Democrats blocked the GENIUS Act, which aimed to regulate stablecoins, with a 49-48 outcome lacking the necessary 60 votes for passage. Their opposition stemmed from concerns that the legislation could benefit former President Trump and insufficient consumer protections. All Democrats voted against moving the bill forward, despite previous Democratic support. They called for stronger safeguards against corruption and accountability for those who violate stablecoin regulations, reflecting unease over Trump’s ties to the cryptocurrency market. The failure is a setback for the legislation, which seeks to create a federal framework for the rapidly growing stablecoin industry.
Perspectives
Senate Democrats blocked the GENIUS Act, which aimed to regulate stablecoins, citing the need for stronger protections and concerns about President Trump enriching himself through his crypto ventures.
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