The U.S. Senate is facing its final chance to pass the GENIUS Act, a bill meant to regulate stablecoins, after it failed to advance in a recent vote.
U.S. to Senate Pass GENIUS Act?
The legislation, called the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, was introduced by Senator Bill Hagerty in February 2025 with bipartisan support. As of today, pressure is mounting in Washington to act before it’s too late.
The GENIUS Act sets out clear rules for how stablecoins should work in the U.S. Stablecoins are digital currencies tied to real assets like the U.S. dollar, aiming to keep a stable value.
The bill requires stablecoin companies to back coins with cash or safe investments, report monthly reserves, and face criminal penalties if they lie about those reserves. However, the bill did not get enough votes to move to the final debate, also known as cloture.
In a recent post on, Eleanor Terrett, a FOX journalist, said “According to Senate rules, this next vote on the bill (whenever it may be) will be the last chance to get it right in its current form.”
In short, under Rule 13 of the Senate’s Standing Rules, if the Senate fails again to pass the bill or rejects Senator John Thune’s motion to reconsider, the GENIUS Act cannot move forward unless every single senator agrees to revisit it which is very unlikely. Meanwhile, Republican Senator Tim Scott, the chairman of the Senate Banking Committee, recently blamed partisan politics for the failure.
In a May 8 speech, he said, “We witnessed a disappointing display of political gamesmanship that puts partisan politics above policy, and obstruction above innovation.” Scott added that the bill was a bipartisan effort and meant to improve the economy.
Political Chaos Erupts Over Trump’s Crypto Ties
The GENIUS Act became more controversial when Democratic lawmakers raised concerns about former President Donald Trump’s ties to a stablecoin called USD1. Massachusetts Senator Elizabeth Warren pointed to a $2 billion deal between Abu Dhabi-based MGX and Binance, which used USD1. She said the bill “shouldn’t pass to facilitate this kind of corruption.”
Democrats worry that the GENIUS Act could benefit Trump’s allies in the crypto world. Four Democratic senators who helped pass the bill in committee later said they were no longer comfortable with how stablecoin policy was developing.
Senator Maxine Waters has spoken out concerning the bill. In a previous report, she said, “If there is no effort to block the President of the United States of America from owning his stablecoin business, I will never be able to agree on supporting this bill.” As of yet, the next Senate vote has no set date.
Also Read: Senate Blocks Stablecoin Bil, Treasury Warns of Setback
