The GENIUS Act, aimed at providing regulatory clarity for stablecoins in the U.S., failed to pass the cloture procedure in the Senate on May 8, 2025, by a narrow margin after Democrats raised concerns about the implications of the bill. Initially pitched as a bipartisan initiative to bolster dollar dominance through stablecoin use, the bill had undergone amendments to include stricter anti-money laundering provisions to address some of these concerns. Despite these efforts, Senate Democrats ultimately withdrew their support. This setback was criticized by Senate Majority Leader John Thune, who emphasized the extent of accommodations made for Democratic senators during the legislative process. The bill's failure signifies ongoing tensions around cryptocurrency regulation and the complexities involved in reaching consensus on stablecoin legislation, particularly in the current political climate.

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