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The U.S. Senate’s failure to advance the GENIUS Act drew sharp criticism from Treasury Secretary Scott Bessent. He warned the decision could damage the country’s ability to lead in digital finance. This bill, officially the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, failed a procedural vote on May 8. Several Democratic senators pulled their support, citing language and timing issues. Bessent, also active on X, called the bill a “once-in-a-generation opportunity.” He said it aimed to strengthen dollar dominance and promote U.S. leadership in financial innovation. Bessent argued the Senate’s vote hurts progress on a stable federal framework for payment-focused stablecoins. The GENIUS Act began as a bipartisan solution but faltered late. Senate Democrats pointed to unfinished text and last-minute changes for their opposition. Senator Mark Warner of Virginia stated he couldn’t back an incomplete bill, raising national security and anti-money laundering (AML) concerns. Revised bill language included tighter compliance and better safeguards for stablecoin issuers. Still, it wasn’t enough for Democratic backing. Some lawmakers reportedly worried President Donald Trump’s recent crypto endorsements added political baggage, compromising the bill’s neutrality. Related: Rep. Steil Wants Crypto Bills Passed “In Tandem”: Here’s the Strategy Senator Bill Hagerty introduced the GENIUS Act. Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks co-sponsored it. Despite efforts to find agreement, the bill failed to get enough votes to end debate (cloture) and proceed to a full vote. Senator Lummis also shared her disappointment via X. Senate Majority Leader John Thune expressed frustration. He stated Democratic input was included throughout the process. Senator Lummis echoed this, calling the bill an important bipartisan step for stablecoin payment clarity. Despite this setback, industry figures and lawmakers indicate efforts to regulate digital assets will continue. Related: Senator Hagerty’s GENIUS Act Aims to Pass Stablecoin Bill in 100 Days Coinbase CEO Brian Armstrong noted crypto legislation remains a priority. He anticipates further initiatives soon. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Efforts to advance major U.S. crypto legislation stalled last Tuesday after House Democrats blocked a key joint committee hearing, citing concerns directly linked to President Donald Trump’s involvement in cryptocurrency ventures. What this shows is the sharp partisan divisions complicating the path toward clear crypto regulations in the United States. Citing Trump’s various cryptocurrency ventures, Democratic lawmaker Maxine Waters objected to a joint hearing scheduled for Tuesday, effectively canceling proceedings between the House Financial Services Committee and the House Agriculture Committee. Her objection effectively cancelled the proceedings, which were intended to move forward the process of creating a new legal framework for digital assets in the U.S. Related: Rep. Steil Wants Crypto Bills Passed “In Tandem”: Here’s the Strategy Waters and other Democrats explicitly tied their resistance to President Trump’s various cryptocurrency activities. They argue that Trump’s personal and family ties to crypto projects create potential conflicts of interest. Waters specifically accused Trump of abusing power and stated she could not agree to the hearing under these circumstances. Some of the ventures cited include the meme coin project TRUMP, named after the President, and World Liberty Financial, a cryptocurrency company that the President owns. Besides owning those projects, Trump is actively involved in promoting them. For instance, he had posted about a special dinner for top $TRUMP token holders scheduled for later this month and a “special VIP tour” for a select-few investors. It is worth noting that government ethical experts and political opponents have cited potential conflicts of interest regarding Trump’s crypto involvement and moves to create substantive rules governing the sector. Some opposition lawmakers expressed concerns about the possibility of self-dealing, with Waters stating that she could not agree to such a hearing, accusing Trump of abusing power. The Democrats’ resistance could threaten the quick passing of crypto legislation in the US, as many analysts no longer see the possibility of having a substantive crypto law this year. Related: US Congress Targets Crypto Bill by 2025: Pro-Crypto Senator Cynthia Lummis Drives Senate Agenda However, within the crypto community, the prevailing sentiment appears to view this as a temporary setback rather than a complete halt. They believe the legislators will find a way around the situation and establish a crypto law in the US. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Rep. Torres to introduce bill banning Trump, lawmakers from cashing in on memecoins and stablecoins

Acting Administrator of the General Services Administration, Rep. Lance Gooden, calls for installing #Bitcoin ATMs in federal buildings as an 'educational resource'.