{"id":52178,"date":"2025-05-10T06:17:09","date_gmt":"2025-05-10T06:17:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/genius-act-stalls-as-senate-vote-falls-short-on-thursday\/"},"modified":"2025-05-10T06:17:09","modified_gmt":"2025-05-10T06:17:09","slug":"genius-act-stalls-as-senate-vote-falls-short-on-thursday","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/genius-act-stalls-as-senate-vote-falls-short-on-thursday\/","title":{"rendered":"GENIUS Act Stalls as Senate Vote Falls Short on Thursday"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Efforts to create a nationwide regulatory framework for stablecoins have stalled in the U.S. Senate. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act failed to clear a cloture vote, falling short of the 60 votes needed to move forward.<\/p>\n<hr\/>\n<p><em><strong>Good to know<\/strong><\/em><\/p>\n<ul>\n<li><em><strong>The GENIUS Act called for 1:1 asset backing for all stablecoins.<\/strong><\/em><\/li>\n<li><em><strong>Democrats raised concerns over money laundering and national security gaps.<\/strong><\/em><\/li>\n<li><em><strong>The bill failed the cloture vote in the Senate by a narrow 48\u201349 margin.<\/strong><\/em><\/li>\n<\/ul>\n<hr\/>\n<p>Introduced by Senator Bill Hagerty (R-TN) in February, the GENIUS Act aimed to establish clear rules for stablecoin issuers. It would have required reserves to be fully backed by U.S. currency, insured deposits, or U.S. Treasury instruments such as bills, notes, or bonds.<\/p>\n<p>The bill initially saw some bipartisan support during committee reviews. However, over the weekend, a group of Democrats stepped back from full endorsement, citing unresolved concerns. These included the need for tighter anti-money laundering safeguards, oversight of foreign issuers, and measures to protect the financial system\u2019s integrity.<\/p>\n<p>According to the group, <em>\u201cThe bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don\u2019t meet the act\u2019s requirements.\u201d<\/em><\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\"> <strong>5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n<p>New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>One of the more crypto-friendly voices, Senator Ruben Gallego (D-AZ), confirmed that discussions had taken place earlier in the week to try and reach an agreement. But he explained that the request for more time to refine the bill was rejected.<\/p>\n<p><em>\u201cI went to the floor and asked for more time to negotiate, without delaying the bill\u2019s timeline for final passage. Republicans refused. Without more time to at least finish the bill text, there was no true bipartisan path forward,\u201d<\/em> Gallego said.<\/p>\n<p>He added, <em>\u201cI will always be willing to continue to work on bipartisan stablecoin legislation. America must lead in this space and consumers deserve to be protected.\u201d<\/em><\/p>\n<p>On Thursday, the Senate took the bill to a cloture vote, which failed 48\u201349. Cloture votes are used to end debate and require at least 60 votes to move forward, making bipartisan cooperation essential. Without that support, the GENIUS Act now sits on hold, with no immediate path to revival.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/stablecoin-regulation-bill-genius-act-fails-to-advance-in-u-s-senate\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Efforts to create a nationwide regulatory framework for stablecoins have stalled in the U.S. Senate. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act failed to clear a cloture vote, falling short of the 60 votes needed to move forward. Good to know The [&hellip;]<\/p>\n","protected":false},"author":35,"featured_media":52179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/52178"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=52178"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/52178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/52179"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=52178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=52178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=52178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}