US EditionDemocrats block stablecoin bill in blow to crypto
- On May 8, 2025, the Senate failed a cloture vote 48-49 to advance a stablecoin bill aimed at regulating digital currencies in the U.S.
- Democrats opposed the vote because they had not seen the final bill text and demanded amendments addressing President Trump's crypto business ties.
- The bill, known as the GENIUS Act, would create a light-touch regulatory regime with reserve requirements, while an amendment would bar officials from issuing digital assets.
- Sen. John Thune changed his vote to no as a procedural tactic, allowing him to bring the bill up again when Democrats agree to proceed.
- The vote delay keeps the legislation in limbo but suggests a final vote will occur once Democrats receive the bill text and negotiate protections.
25 Articles
25 Articles
Democrats Block Stablecoin Bill as They Raise Concerns About Trump's Crypto Ventures
WASHINGTON (AP) — Senate Democrats have blocked legislation to regulate stablecoins, a form of cryptocurrency, after arguing that the bill needed stronger protections and airing concerns that it could help President Donald Trump enrich himself.
Crypto Bill Falters In Senate
On Thursday, a group of mostly Senate Democrats derailed a cryptocurrency regulation bill backed by the Trump administration, at least for the time being.The GENIUS Act failed to advance in a 48-49 vote, with Sens. Rand Paul (R-KY) and Josh Hawley (R-MO) joining Democrats in opposing the legislation. It needed 60 votes to bypass the procedural hurdle.Senate Majority Leader John Thune (R-SD) reportedly switched his vote to “nay” in a move that al…
Coverage Details
Bias Distribution
- 47% of the sources lean Left
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
