In a massive development for the crypto industry, the US Senate has failed to advance the GENIUS Act to the floor of the House following a key procedural vote. Following allegations of corruption against US President Donald Trump, Democratic Senators had asked for an amendment to the stablecoin bill. Still, these Senators have now voted ‘no,’ a move which Republican Senators claim to be them playing politics.
Stablecoin Bill Fails To Advance To Next Stage
In an X post, Republican and pro-crypto Senator Cynthia Lummis revealed that the US Senate has failed to advance the GENIUS Act, which aims to introduce a regulatory framework for stablecoins. The Senator expressed her displeasure, stating that she is deeply disappointed that they could not pass the “important bipartisan crafted stablecoin legislation today.
According to Journalist Eleanor Terrett, Senate Banking Committee Chairman Senator Tim Scott blamed Democrats suffering from “Trump Derangement Syndrome” and playing politics. He said,
It was a vote against President Trump and President Trump’s legislative agenda. A vote to stop President Trump from having a victory in the digital asset space. Trump Derangement Syndrome has once again hijacked responsible governance in this chamber.
CoinGape has earlier reported that Senator Elizabeth Warren, a Democrat and key member of the Banking Committee, had urged the US Senate to reject the stablecoin bill over corruption allegations trailing Trump’s USD1 stablecoin.
In the same light, ten US Senators who had initially voted in favor of the stablecoin bill rejected the Act, citing a string of concerns. They asked for an amendment, seeking tighter anti-money laundering and national security rules, which led to this procedural vote to amend the bill.
In an X post, Senator Bill Hagerty, who introduced the bill, stated that Democrats just unilaterally ceded American leadership capability in the digital asset industry to the CCP because they fear the far-left radicals of their party.
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