GENIUS stablecoin bill blocked in US Senate.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) of 2025 Act was blocked by Democrat lawmakers in the Senate on May 8, stalling the bill's progress.

Although the bill initially received bipartisan support from US lawmakers, Democrats opposed the bill last minute due to concerns over President Donald Trump pushing crypto policies for self-benefit.

Senior officials in the Trump administration have repeatedly stated that using stablecoins to protect the US dollar's global reserve status was a key policy objective.

Following the stalling of the GENIUS stablecoin bill in the Senate, Treasury Secretary Scott Bessent wrote:

The Treasury Secretary added that if the US does not encourage innovation in digital assets then crypto firms will move offshore. #BTC #GENIUSAct #FederalReserve $BTC $ETH $BNB