Crypto industry leaders are making a high-stakes push in Washington, DC, to support a Senate stablecoin bill that recently failed to pass. Coinbase CEO Brian Armstrong revealed on May 14 that around 60 crypto founders had gathered at the Capitol in support of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

The bill, along with a separate market structure proposal in the House, aims to establish clear federal regulations for stablecoins. However, political tensions have complicated its progress. Democrats previously blocked the GENIUS Act on May 8, demanding provisions to address concerns about President Donald Trump profiting from his digital asset ventures, including the TRUMP memecoin and a related firm, World Liberty Financial.

Despite Democratic pushback, Armstrong remains hopeful, stating that another Senate vote could happen “hopefully tomorrow.” He emphasized the urgency of regulatory clarity, noting that last-minute negotiations are still underway.

Democratic aides argue that without addressing Trump’s crypto involvement, the legislation lacks necessary accountability. However, some experts say singling out Trump may be unconstitutional, creating a legal and political standoff.

With Republicans holding narrow control of Congress, bipartisan cooperation is essential for passing crypto reforms. A 60-vote threshold in the Senate remains a significant hurdle. Representative French Hill, speaking at the Consensus conference, acknowledged the political challenges but expressed optimism that lawmakers from both parties are working toward compromise.

The fate of the GENIUS Act now hangs in the balance, entangled in a broader fight over digital asset policy, political optics, and Trump’s growing footprint in crypto. The next Senate vote could determine whether the U.S. takes a major step forward—or backward—in stablecoin regulation.