The GENIUS Act failed a key Senate vote, which significantly undermines the prospects for stablecoin legislation and raises concerns for other crypto-related bills in Congress. Some pro-crypto Democrats voted against the bill, citing sudden changes in its provisions. The failure followed a week of high support that had anticipated the bill would pass smoothly. Complications arose as Senate negotiations shifted, including allegations about potential conflicts of interest tied to former President Trump's crypto ventures. Despite efforts to re-engage Democrats and solidify support, the vote outcome poses serious risks to other proposed legislation, potentially destabilizing the crypto policy landscape that had recently gained bipartisan traction. Lawmakers worried that setbacks could alter the perceived momentum for crypto regulation and diminish political capital in Washington, which had previously leaned favorably toward advancing crypto initiatives.

Source đź”—