Not-so-stable support 🇺🇸

📝 What you need to know

The GENIUS Act, which would establish a legal U.S. framework for issuing stablecoins, fell short in a key Senate procedural vote on Thursday, preventing the bill from reaching a full floor vote—and potentially dooming its chances of eventually passing.

While chances of the bill passing the cloture vote appeared to be improving as lawmakers scrambled to reach a deal late Wednesday, key supporters pulled out Thursday. Democratic Senator Mark Warner said after the vote, “I simply cannot in good conscience ask my colleagues to vote for this legislation when the text isn't yet finished.”

But the pain may be more broadly felt among crypto industry advocates, as the setback could lead other crypto-focused bills—including a parallel stablecoin bill in the House and crypto market structure bills in both chambers—to hemorrhage precious bipartisan support and political momentum.

“The American people are watching, and they will remember who stood in the way of progress,” wrote Bo Hines, executive director of the President’s Working Group on Digital Assets, on X.

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From our partner

Join Otherlife, Rug Radio and Delorean Labs to celebrate the last day of Consensus Toronto 2025 at the official Closing Party. Taking place Friday, May 16 at the iconic Steam Whistle Brewery, the event is just a 5-minute walk from the convention center, with a private indoor space and patio overlooking the CN Tower.

Enjoy DJs, food and an open bar while connecting with some of the greatest minds in the blockchain, Web3, and AI space.

​​​​📍 Location:

​Steam Whistle Brewery - Pilsner Hall @ 255 Bremner Blvd Bay 6, Toronto, ON M5V 3M9 2:00 PM - 8:00 PM

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