Senate Gridlock Threatens Future of GENIUS Stablecoin Bill
The American crypto industry, enjoying unprecedented political leverage, had high hopes for finally securing long-awaited “regulatory clarity” around stablecoins last week.
Instead, the Senate failed to move forward with a critical procedural vote on the high-profile stablecoin bill known as the GENIUS Act. Now stuck in legislative limbo, the question looms: is the bill effectively dead, or is there still a path forward?
By Senate rules, a motion to reconsider the vote—needed to revive the bill—had to be filed by Monday evening. No such motion was submitted!
Stablecoins—blockchain-based digital tokens pegged to the U.S. dollar—are a foundational part of the crypto economy. They facilitate seamless trading and international payments without requiring direct access to fiat currency.
Supporters believe that if Congress passes a stablecoin framework, and President Donald Trump signs it into law, it would pave the way for major financial institutions to enter the space—injecting potentially trillions of dollars into the industry. That’s why crypto lobbyists have fought so hard for this legislation.
Despite the urgency, the GENIUS Act hasn’t been brought back to the floor for a cloture vote this week. Political dynamics haven’t changed since last Thursday. A handful of pro-crypto Democrats still haven’t reached an agreement with GOP leadership on the bill’s language. However, Republican lawmakers remain optimistic that “other procedural opportunities” could be leveraged to revive the bill if a deal is struck, according to Decrypt sources.
Talks have resumed between key Democratic and Republican players, though both camps are staying unusually silent about the specific sticking points. Interestingly, five Senate Democrats who opposed the bill last week had previously voted for it in committee. Even more puzzling, two of those senators—Kirsten Gillibrand (D-NY) and Angela Alsobrooks (D-MD)—are listed as cosponsors.
In a statement over the weekend, crypto-friendly Democrats cited changes in the latest draft of the bill, pointing to what they called “insufficient anti-money laundering and national security protections.” But political optics may also be at play. In recent weeks, President Trump and his family have made multiple high-profile crypto and stablecoin-related announcements—moves that have raised eyebrows among Democrats concerned about potential White House conflicts of interest.
That concern intensified on Monday when Trump revealed plans to accept a $400 million Boeing jet as a gift from the Qatari government. The development has further complicated negotiations. Several crypto policy insiders told Decrypt they’re increasingly worried that the broader political context could derail not just the GENIUS Act, but also other key legislation on crypto.
One such bill is working its way through the House, while broader market structure reforms are pending in both chambers of Congress.
For now, the sentiment in Washington is clear: if the GENIUS Act doesn’t clear the Senate by Friday, the political momentum behind crypto could collapse.
