On May 6, 2023, the U.S. Senate did not support the GENIUS Act stablecoin bill in a key procedural vote. According to Decrypt, the document did not receive the necessary support due to the refusal of several Democrats to allow it to be considered. Among those who opposed it were: Ruben Gallego (Arizona), Mark Warner (Virginia), Lisa Blunt Rochester (Pennsylvania), Andy Kim (New Jersey), Kirsten Gillibrand (New York), and Angela Alsobrooks (Maryland). Notably, Gillibrand and Alsobrooks were among the co-sponsors of the initiative. The failure of the vote significantly reduces the chances of passing the GENIUS Act. According to Decrypt's assessment, this could also undermine bipartisan support and slow down the progress of other cryptocurrency initiatives.

Although Democrats had previously expressed a willingness to support the bill, an updated version of the document appeared a week before the vote, with which some senators did not have time to familiarize themselves. Some called for additional revisions.

According to sources from the publication, nine Democrats publicly refused to support the GENIUS Act, citing concerns about the clarified provisions.