CMC News

Senate Democrats Kill GENIUS Stablecoin Bill by Single Vote

The GENIUS Act failed to pass cloture in the U.S. Senate by just one vote after Democrats withdrew support, citing concerns about President Trump's cryptocurrency ventures.

The bipartisan bill, seeking regulatory clarity for digital assets, couldn't secure necessary votes despite previous amendments addressing Anti-Money Laundering provisions.

Senate Majority Leader John Thune criticized Democrats, saying, "Democrats have been accommodated every step of the way."

Senator Cynthia Lummis expressed disappointment, stating "digital assets are the future and America must lead."

Treasury Secretary Scott Bessent emphasized that for #stablecoins "to thrive globally, the world needs American leadership."

The legislation aimed to extend dollar dominance while providing #regulatory certainty.