Lawmakers from both parties are working to revive the GENIUS Act, a key stablecoin regulation bill that recently stalled in the Senate due to political tensions surrounding President Donald Trump’s crypto ventures.
The bill, which aims to establish a clear regulatory framework for stablecoins, fell short in a 48–49 procedural vote last week. Now, with pressure mounting, supporters hope to bring it back for consideration before the Memorial Day recess.
Lead sponsor Senator Bill Hagerty (R-TN) says bipartisan staff negotiations are ongoing, and Senator Angela Alsobrooks (D-MD) confirmed Democrats remain engaged, though progress details are scarce.
The bill’s earlier failure was tied to concerns over illicit finance, foreign issuers, and Trump’s personal involvement in crypto, including his memecoin and crypto-themed fundraising, raising ethical and security questions for some lawmakers.
As the stablecoin market expands rapidly, the GENIUS Act represents a major push to provide long-awaited regulatory clarity. Whether it gains new traction in the coming weeks could significantly shape the future of U.S. crypto policy.
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