Lawmakers from both parties appear to be working to revive stablecoin legislation, after a failed vote linked to controversy over Donald Trump’s crypto ventures.
Lawmakers in both parties are trying to quickly bring back the GENIUS Act, a stablecoin bill backed by the crypto industry giants, after it stalled last week following backlash over U.S. President Donald Trump‘s growing crypto ventures.
Republican Senator Bill Hagerty of Tennessee, the bill’s lead sponsor, said in an interview with Bloomberg that staff from both parties are still working on it. He said he hopes Democrats will agree to pass the bill before the Memorial Day recess. “The window is now. We will see if reasonableness will prevail,” said Hagerty.
The bill had bipartisan support in the Senate Banking Committee. Democratic Senator Angela Alsobrooks of Maryland, a key Democratic supporter of the bill, confirmed that senators have continued to work on it, though no details were disclosed.
The effort comes just a few days after the U.S. Senate voted against advancing the GENIUS Act, a key bill that would regulate stablecoins, marking a setback for the crypto industry’s push for regulatory clarity. As crypto.news reported earlier, the procedural cloture vote failed 48-49, falling short of the 60 votes needed to begin formal debate.
Lawmakers cited concerns over insufficient safeguards against illicit finance and foreign stablecoin issuers, while several Democrats pointed to President Donald Trump’s crypto affiliations — including his memecoin and fundraising dinners — as complicating the process.
