Proponents of a bill to regulate stablecoins in the US Congress will likely take up another vote

A vote on a bill to regulate stablecoins could come as early as this week as lawmakers prepare to return to Washington, D.C., for a final push to pass the legislation before the May 18 recess, according to a report by Block on Wednesday, May 10.

The bipartisan Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, failed to get enough votes to pass in the U.S. Senate on May 8 amid calls from some Democratic lawmakers to halt any legislation related to digital assets until Republicans could address President Donald Trump’s financial ties to the cryptocurrency industry.

Immediately following the vote, some lawmakers from both parties suggested they could reconsider the bill as early as this week, but without agreeing on a bipartisan path forward.

After the GENIUS Act failed to proceed in a 48 to 49 vote in the Senate, Majority Leader John Thune made a motion to reconsider, setting up a possible vote on the matter within days. A source familiar with the matter told Cointelegraph Republicans who backed the bill were unlikely to modify it to block Trump or any member of his administration from investing in digital assets, claiming it was beyond Congress’s authority under the Constitution.

“This delay is not inherently detrimental. We can expect the bill to return to the floor, with this pause giving both parties time to clarify provisions and address lawmakers’ concerns,” Liat Shetret, vice president of global policy and regulation at blockchain analytics firm Elliptic, told Block.

The Cedar Innovation Foundation, an organization tied to the political action committee (PAC) Fairshake, issued a warning to Senate leadership to “avoid political games” and pass a stablecoin bill “in the coming days.” Fairshake spent more than $131 million to support candidates in the 2024 U.S. elections, some of whom are currently serving in the House and Senate. There are still more than 500 days until the 2026 midterms, when many members of Congress are up for reelection.

On May 12, the Senate resumed consideration of the motion to proceed to consideration of the GENIUS Act, suggesting another vote soon.

Related: US Treasury Secretary expresses support for crypto bills at hearing

Changes to stablecoin or market structure bills?

Should Republicans in the Senate reintroduce the bill without any changes, it’s unclear whether they would have enough support to clear a 60-vote majority to avoid a Democratic filibuster — a process to delay or sometimes block a vote on a bill.

The Trump family’s ties to the crypto platform World Liberty Financial and its stablecoin, USD1, and offering the top holders of his TRUMP memecoin the chance to pay for access to the president through an exclusive dinner and reception have potential for corruption concerns.

“As you know, the Republicans’ bill did nothing to address Trump’s conflicts, and instead voted to hand Trump the authority to write the rules over his and his competitors’ stablecoins. In light of this broader corruption, I am blocking today’s hearing on a bill to regulate the cryptocurrency market. This legislation would create a new agency headed by a single director appointed by the president with the advice and consent of the Senate,” Democratic Representative Maxine Waters said in a May 6 statement, where she also announced she was halting a hearing to discuss a possible digital asset market structure bill.

The California Democrat, who chairs the House Financial Services Committee, continued:

We must be clear: this is not about the merits of the legislation. It is about the urgency of addressing the president’s corruption.

Democratic lawmakers have already introduced possible solutions to what they called the “biggest corruption scandal in the history of the White House” — with legislation in the House and Senate to bar members of Congress, the president, the vice president, and their families from profیونیت in memecoins. Senators Elizabeth Warren and Chris Van Hollen also reportedly called on the president to fully divest from USD1 before making any possible deals with foreign governments.

The nonpartisan organization State Democracy Defenders Action reported in April that Trump’s crypto holdings were valued at roughly $2.9 billion, which made up about 40% of his commonwealth. This report came ahead of the launch of World Liberty Financial’s stablecoin, which an Abu Dhabi-based investment firm said it would use to settle a $2 billion investment in Binance. Trump’s sons, Eric, Donald Trump Jr., and Barron, were all listed as “Web3 ambassadors” for the platform.

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