US Senate Enters Final Talks on GENIUS Act as Stablecoin Bill Faces Last-Minute Hurdles

US Senate Enters Final Talks on GENIUS Act as Stablecoin Bill Faces Last-Minute Hurdles

The US Senate is entering final negotiations over the Genius Act (2025 Stablecoin Innovation and Regulation Act), as bipartisan tensions mount ahead of a scheduled vote. According to Decrypt , pro-crypto Democrats, including Senator Ruben Gallego, have engaged in talks with their Republican counterparts to resolve differences over the bill's provisions.

Earlier, Gallego and fellow Democrats issued a statement saying they would withhold support if the current version reaches the Senate floor, despite the bill passing the Senate Banking Committee in March with strong bipartisan backing (18-6 vote).

The sudden pushback comes amid controversy over former President Donald Trump’s family engaging in digital asset ventures, raising potential conflict-of-interest concerns. Trump is reportedly linked to projects like the meme coin TRUMP and DeFi platform World Liberty Financial (WLFI), fueling unease among some Democrats.

Republicans have adopted a hardline stance. Senate GOP Whip John Thune announced a vote is set for May 8, warning, "If Democrats withhold support, digital asset legislation will become solely a Republican agenda."

In response, Senators Gallego, Mark Warner, and Angela Alsobrooks met with Republicans Thune, Bill Hagerty, and Cynthia Lummis for a 4-hour closed-door session on May 7. Decrypt reports that "meaningful progress" was made, but it remains unclear how the GENIUS Act might be revised before it heads to a floor vote.