GENIUS Act fails key Senate vote, stalling stablecoin legislation

The Senate’s GENIUS Act, aimed at establishing a U.S. stablecoin framework, failed a crucial procedural vote Thursday, significantly reducing its chances of passage. Several pro-crypto Democrats withdrew support over concerns with the bill’s latest draft and potential conflicts of interest linked to recent Trump family crypto announcements. According to Decrypt, the defeat threatens broader crypto legislative efforts, with uncertainty surrounding future votes and the industry's political momentum now at risk.