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The United States Senate is set to start voting on a crypto bill tomorrow as it needs bipartisan backing to advance. The GENIUS Act, led by Senator Bill Hagerty, would require all stablecoins to be backed by U.S. dollars and also short-term Treasuries. Cloture was filed by Senate Majority Leader John Thune on Tuesday evening, allowing the bill to advance toward a procedural stage requiring the backing of the Senate. The U.S. Senate is set to begin voting on the stablecoin bill on Thursday amid increasing divisions within the GOP and resistance from Democrats. The crypto bill would need all stablecoins to be fully backed by short-term Treasuries and the U.S. dollar. The crypto bill, backed by Senator Bill Hagerty, would need stablecoins to be fully backed by short-term Treasuries and the U.S. dollar. On Tuesday evening, John Thune, Senate Majority Leader, filed cloture on the bill, advancing it for a procedural voting process requiring bipartisan support. Republican supporters of the crypto bill were allegedly seeking to address issues within their party while also attempting to get support from some influential Democrats. Some of the Democratic Senators publicly opposed the recent version of the crypto bill on Saturday. The crypto bill would need 60 votes to advance, meaning it will take the 53 Republicans and a group of Democrats to move the bill forward. Nine Democrats, including Ruben Gallego, Mark Warner, Raphael Warnock, Catherine Cortez Masto, and Andy Kim, have agreed to sign opposition to the current version of the stablecoin bill. The opposing Democrat Senators called for stricter regulations on foreign stablecoin issuers. The nine senators also called for improved anti-money laundering regulations. Senator Richard Blumenthal also sent an inquiry to a firm linked to U.S. President Donald Trump, named World Liberty Financial . The senator sent the inquiry in a bid to investigate conflicts of interest. Senator Kevin Cramer said it sounded like they were getting close to regaining the momentum. Senator Cynthia Lummis, a top crypto advocate who has co-sponsored the bill, revealed Republicans would be meeting with influential Democratic holdouts soon. The Wyoming Republican had a meeting with Senate Minority Leader Chuck Schumer, who directed Democrats not to commit to backing the stablecoin bill to force changes. Lummis said Schumer wanted to get something done and that they would continue to work on it. A number of Republicans have also shared their concerns regarding the latest version of the stablecoin act. Sen. Rand Paul, a Republican, said he was not going to back the bill, claiming that the regulation was unnecessary and could end up harming the crypto industry after some years. Senator Josh Hawley, yet another Republican, said he was not a big fan of big firms offering their own stablecoin, which would be established under the new bill. Opponents of the stablecoin bill have argued that the bill would enable giant tech and commercial companies to venture into financial services. John Kennedy, a Republican Senator, voted for the act when it passed the Senate Banking Committee a month ago. Kennedy recently said he would not commit to backing the bill on the floor until he saw what the final text looked like. He said the bill had changed a lot, and they were still making deals all over and in almost half of Georgia. The senator declared that he would not back it until he understood what those deals were and how the crypto bill had changed. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

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Pro-crypto Democrats withdraw support for the GENIUS Act, putting U.S. stablecoin regulation at risk amid concerns over AML and national security. Regulatory uncertainty delays stablecoin legislation, impacting market sentiment as Bitcoin trades under pressure around $94.5K. A major U.S. stablecoin bill that was once considered a key step toward crypto regulation is now on shaky ground. In a surprising twist, several pro-crypto Senate Democrats who previously backed the legislation have withdrawn their support—putting the bill’s future in serious jeopardy. According to a previous coverage by Crypto News Flash (CNF), on the Framework Ventures critics of U.S. stablecoin regulations, it was explained that the GENIUS Act may restrict foreign stablecoin issuers, weakening dollar dominance and driving financial innovation outside the U.S. The legislation, formally called the GENIUS Act and introduced by Senator Bill Hagerty, aimed to create the first comprehensive U.S. regulatory framework for stablecoins. However, as referenced from a recent tweet , it explained why the Senate’s crypto bill is in turmoil: The path forward for landmark stablecoin legislation is in jeopardy after 9 key Dems said they wouldn’t support revisions that GOP lawmakers unveiled last week. Nonetheless, nine Democrats, including prominent names like Mark Warner, Andy Kim, and Ruben Gallego, said in a May 3 statement that the bill “still has numerous issues” and warned they would not back a procedural vote unless significant changes are made. According to most media, the senators cited concerns around anti-money laundering safeguards, national security risks, and accountability for foreign or noncompliant stablecoin issuers. While some revisions were made to the bill after it passed the Senate Banking Committee in March, the lawmakers say those changes fell short. In addition, their about-face is particularly significant because many of them had supported the bill during earlier negotiations. This reversal highlights growing unease even among crypto-friendly Democrats, who now appear more cautious about moving forward without stricter protections. According to recent market reports, while the lawmakers have signaled they’re still willing to work together, any delay could push stablecoin regulation further down the legislative calendar—potentially into 2026. Reiterating a previous CNF report highlighting that a $1.25B stablecoin injection was known to have fueled the next BTC pump. However, the uncertainty is echoing in the broader crypto market. At the time of writing, Bitcoin (BTC) is trading at $94,594.49, down by 1.14% in the past 24 hours and 0.21% in the past week. See BTC price chart below.

A group of nine Senate Democrats who previously backed crypto-friendly legislation are now threatening to derail a landmark stablecoin bill, signaling deepening divisions over how the fast-growing digital asset sector should be regulated. In a surprise Saturday statement first reported by Politico, the senators declared they would not support the GOP-led bill “in its current form” if it reaches the Senate floor, citing a range of unresolved concerns. Their demands for changes focus on several key areas: safeguards to prevent illicit financial flows, stricter rules on overseas stablecoin providers, national security, stronger guarantees that stablecoins won’t undermine the safety and soundness of the existing financial infrastructure, and tougher penalties on noncompliant actors. The move comes just days before the chamber is expected to hold a procedural vote on the legislation, which aims to create the first federal framework for stablecoin issuers — digital tokens typically pegged to the U.S. dollar or other assets. The Democratic bloc, which includes Sens. Ruben Gallego (Ariz.), Mark Warner (Va.), Lisa Blunt Rochester (Del.), and Andy Kim (N.J.) — all of whom previously voted in favor of the bill when it passed the Senate Banking Committee in March — now say the legislation still “has numerous issues that must be addressed.” The letter, also signed by Sens. Raphael Warnock (Ga.), Catherine Cortez Masto (Nev.), Ben Ray Luján (N.M.), John Hickenlooper (Colo.), and Adam Schiff (Calif.), emphasized a continued willingness to negotiate. “We are eager to continue working with our colleagues to address these issues,” the senators wrote. “As stablecoins continue to grow in popularity, it is critical for Congress to work in a bipartisan fashion to create a regulatory framework that sets forth clear rules of the road.” Notably absent from the statement were the bill’s two Democratic co-sponsors: Sen. Kirsten Gillibrand (N.Y.) and Sen. Angela Alsobrooks (Md.). The bill’s lead sponsor, Sen. Bill Hagerty (R-Tenn.), responded to the pushback with a warning and a challenge. “We have a choice here. Move forward and make any remaining changes needed in a bipartisan way, or show that digital asset and crypto legislation remains a solely Republican issue,” he said, stressing the need to solidify U.S. dominance in the digital asset space. The defection adds a new layer of complexity to an already contentious process, especially as the Trump family’s growing involvement in the digital asset space — including plans for a new stablecoin venture — has injected fresh political sensitivities into the debate. With the bill now hanging in the balance, Democrats may hold the leverage to reshape key provisions — or stall one of the crypto industry’s most significant regulatory breakthroughs to date.

Share: US stablecoin legislation may be blocked after several Democratic senators withdraw support Nine Democratic senators who once supported crypto-friendly legislation recently announced that they would no longer support the Republican-led stablecoin bill if it maintains its status quo. The bill aims to establish the first regulatory framework in the United States for stablecoin issuers. It has previously passed the Senate Banking Committee and is expected to enter the full house review stage in the near future. It is reported that opponents include Democratic senators such as Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim, who previously supported the bill, but these lawmakers recently pointed out that the relevant bill still has shortcomings in anti-money laundering, national security and accountability mechanisms, and needs further improvement. This move may affect the prospects for the passage of the United States Stablecoin National Innovation Guidance and Establishment Act (GENIUS ACT) promoted by Republican Senator Bill Hagerty. (Cointelegraph)