Following the democrats’ attempt to crack down on the GENIUS Act last week, the US Senate voted to proceed with the benchmark bill to legalize stablecoin. In a procedural vote, 60 senators registered their votes in favor of the act last night, resulting in 66 – 32 votes. That said, the bill is now moving for a debate on the Senate floor.
However, the bill received several backlashes from Senate members, including the US Senator and Democratic party member Elizabeth Warren, who posted on X that there is “no excuse for Congress to pass a crypto bill that will turbocharge Trump’s corruption.”
Meanwhile, Cynthia Lummis, Senator from Wyoming, stressed the need for the GENIUS Act.
Worth noting, Democrats such as Mark Warner, Ruben Gallego, and Adam Schiff, who had previously indicated opposition to the bill, changed their votes to support the motion.
On May 8, several Democrats in the Senate withdrew their support for the bill, citing concerns over potential conflicts of interest related to US President Donald Trump’s active involvement in crypto ventures and issues regarding the bill’s Anti-Money Laundering provisions.
Trump has been waving the greenlight for cryptocurrency since his administration began in 2025. He and his family have launched crypto ventures, including Trump meme coin, World Liberty Financial, and the USD1 stablecoin.
What is the GENIUS Act?
On February 4, 2025, Senator Bill Hagerty introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This is a bipartisan legislation to establish a regulatory framework for payment stablecoins. The Act aims to ensure uninterrupted dominance of the U.S. dollar in the digital economy, consumer protection, and financial stability.
