The GENIUS Act, short for the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, faced a setback in the United States Senate on May 8, as it failed to pass cloture. The bill, championed by Senator Bill Hagerty and supported by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, encountered resistance from Democrats who expressed concerns about President Donald Trump’s involvement in cryptocurrency ventures. In response, the bill underwent amendments to incorporate stricter regulations for stablecoin issuers and enhance Anti-Money Laundering provisions. The GENIUS Act aimed to bring clarity to digital asset regulations in the U.S., focusing on the use of stablecoins in payments to bolster the dollar’s international dominance and avoid controversial crypto issues. Despite bipartisan efforts, the bill’s failure at cloture drew criticism from Senate Majority Leader John Thune towards Democrats. The outcome led to disappointment among individuals on social media, with Senators Lummis and Bessent emphasizing the need for American leadership in digital asset innovation. Blockchain Association CEO Kristin Smith expressed optimism about bipartisan engagement on critical digital asset legislation despite the GENIUS Act’s cloture vote failure.