Failed Stablecoin bill gets bipartisan push from U.S. Senators

Nearly a week after the U.S. Senate failed to pass the vote, Stablecoin legislation backed by the cryptocurrency industry is reportedly being subject to bipartisan efforts to recover in the days to come.
U.S. Senator strives for Stablecoin Bill Revival
On Tuesday, news media Bloomberg reported that U.S. senators are working to “quickly resume” guiding and establishing a national innovative Stablecoins (GENIUS) bill that did not receive enough support from Senate Democrats last week, which stalled.
The Genius Act sponsored by Republican Senator Bill Hagerty seeks to develop a framework that allows stablecoins to fall under Fed rules, establishing a “safe, facilitating” regulatory framework to drive innovation.
The bill, co-sponsored by Senators Tim Scott, Cynthia Lummis, Kirsten Gillibrand and Angela Alsobrooks, failed to pass the U.S. Senate Cloture vote after several members stepped down before the vote.
As Bitcoiners reported, only 49 senators voted to introduce the bill, reducing the 60 votes needed to end the legislative debate. Meanwhile, two Republican Senators Josh Hawley and Senator Rand Paul voted against pushing the bill with Democrats.
Senator Hagerty told Bloomberg that both sides have been working on legislation since the May 8 failure, and Senate Democrats reportedly agreed to pass the bill before the May 26 Memorial Day adjourns as the Senate will focus on Republican signature tax and post-holiday spending packages.
“The windows are now, and we’ll see if rationality will prevail,” he said.
The Genius Act regains bipartisan support?
It is worth noting that the Genius Act is considered a bipartisan effort, and on the Senate Banking Committee in March, Senator Alsobrooks and four other Democrats voted for the legislation after multiple Democrats showed support.
With bipartisan support, the bill has various amendments to address the concerns of Democratic senators, including stricter requirements for Stablecoin issuers and anti-money laundering (AML) provisions.
But several Senate Democrats shared further concerns ahead of the May 8 vote. In an opposition statement on May 3, ten senators, including four Democrats who previously supported the bill, questioned the revised version of the legislation, saying the draft omitted basic AML and national security guarantees and laid out ambiguous regulations that could make cryptocurrency market exploitation.
Additionally, crypto-suspected Senator Elizabeth Warren raised concerns about cryptocurrency businesses by U.S. President Donald Trump, urging Congress to reject the bill because it could pave the way for so-called “crypto corruption.” This ultimately led to a hub for the Senate Democrats.
Bloomberg’s report notes that democratic support is crucial in the Senate, as Senator Also Brooks, the highest democratic sponsor of Stableken’s legislation, agreed that the senators continue to work together to move the bill forward.
Coinbase CEO (CEO) Brian Armstrong highlighted a recent statement from Cedar Innovation Fund spokesman Josh Vlasto, the group linked to the Fairshake Super Political Action Committee (PAC).
The statement shared with the Daily Punchbowl News Online, warning that the bill requires effort to come up with efforts. Flasto confirmed: “Senate leaders on both sides of the aisle should avoid political games and pass the final stability bill in the coming days.” He added: “The cryptocurrency community needs to be clear, responsible road rules, and further delays put U.S. competitiveness and consumers at risk.”
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