The Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, known as the GENIUS Act, failed to pass in the US Senate on May 8, affecting cryptocurrency regulatory efforts in the country, Reuters reported yesterday.
Sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis and Angela Alsobrooks, the bill faced last-minute opposition from Democrats.
These expressed concerns about President Donald Trump's involvement in cryptocurrencies.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
To address these concerns, the bill was amended to implement stricter requirements for issuers of stablecoins and additional anti-money laundering provisions.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
The GENIUS Act sought to build bipartisan support for regulatory clarity regarding digital assets, with a particular focus on stablecoins used for payments in order to strengthen the dollar's dominance internationally.