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 Trump’s 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 Trump’s cryptocurrency activities and issues related to the bill’s Anti-Money Laundering measures.
“We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will — and not in ways that serve our interests or democratic values,” 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.
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 Trump’s “blatant crypto corruption.”
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. “There is no excuse for Congress to pass a crypto bill that will turbocharge Trump’s corruption,” Warren wrote.
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 come—balancing 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 has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
