In a major moment for U.S. digital asset policy, the GENIUS Act, a high-profile stablecoin regulation bill, failed to pass in the Senate after a narrow vote of 48 in favor and 49 against.
The bill, which aimed to establish a national framework for stablecoin issuance and oversight, is considered a critical step toward defining the future of cryptocurrency regulation in the United States.
Senator Cynthia Lummis (R-WY), a long-time advocate for crypto legislation, expressed deep frustration with the outcome. She emphasized the importance of protecting U.S. dollar dominance and retaining crypto companies and jobs domestically. She also acknowledged President Trump and several bipartisan lawmakers for their continued support.
“Digital assets are the future of finance… we must continue to advance regulations,” Lummis said in her statement.
Opposition to the bill came partly from Democratic Senator Mark Warner (VA), who stressed that while stablecoins hold clear promise, the bill’s current text remains unfinished. Warner committed to helping refine the legislation and expressed hope that a more complete version will reach the Senate floor as early as next week.
“I cannot ask my colleagues to vote for this bill in its current form,” Warner noted.
