Michaela
The U.S. Senate has cleared a key procedural hurdle for the GENIUS Act, voting 66-32 to advance the stablecoin regulation bill to floor debate, following initial resistance from Democratic lawmakers citing conflicts tied to former President Donald Trumpās crypto activities.
The GENIUS Act cleared a procedural vote in the U.S. Senate on May 19. Democratic Senators Mark Warner, Ruben Gallego, and Adam Schiff reversed their earlier positions and voted in favor of advancing the GENIUS Act, helping secure the necessary support to invoke cloture.
On May 8, the Senate held its initial cloture vote on the GENIUS Act, during which several Democratic senators withdrew their support. This shift in votes prevented the motion from advancing, as concerns were raised regarding possible conflicts of interest tied to President Trumpās cryptocurrency activities and issues related to the billās Anti-Money Laundering measures.
āWe cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers donāt shape it, others will ā and not in ways that serve our interests or democratic values,ā Warner said in a statement ahead of the vote. Warner emphasized that the U.S. cannot afford to remain passive as the cryptocurrency industry continues to develop.
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Democratic Senator Elizabeth Warren, recognized for her critical approach to cryptocurrency, emerged as a leading opponent of the GENIUS Act. Prior to the vote, she criticized the legislation for not adequately addressing what she described as President Trumpās āblatant crypto corruption.ā
President Trump and his family have recently launched multiple high-profile crypto ventures, including meme coins, a cryptocurrency platform, and a crypto mining company preparing for a public offering.
In a post on X, Senator Warren stated she was encouraging fellow lawmakers to reject the GENIUS Act before the May 19 vote. āThere is no excuse for Congress to pass a crypto bill that will turbocharge Trumpās corruption,ā Warren wrote.
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As the GENIUS Act heads into formal debate, its outcome could set the tone for how the U.S. chooses to regulate digital assets in the years to comeābalancing innovation, oversight, and the growing political stakes of the crypto economy.
Read More
- GENIUS Act Revival Backed by Brian Armstrong, 60 Crypto Execs
- Senate Rejects GENIUS Act by 1 Vote, Stablecoin Rules Unclear
- Senate Advances GENIUS Act to Regulate Stablecoins Under New Rules
MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
