The Senate Stablecoin Bill, the Genius Act, or The Guiding and Establishing National Innovation for U.S. Stablecoins (S 1582), failed to get enough votes to gain cloture in the Senate. In effect, a cloture motion can quickly end debate and thus allow for a vote on the legislation.
While Republicans sponsored the legislation, several prominent Republicans voted against the cloture motion. These include: Senators Josh Hawley, Rand Paul, and Jon Thune. Senators Roger Wicker and Jerry Moren did not vote. The final tally was 48 for and 49 against the motion.
The legislation’s sponsor is Senator Bill Hagerty, and co-sponsors include Senators Cynthia Lummis, Tim Scott, and Dan Sullivan.
US Secretary of the Treasury Scott Bessent lamented the vote, stating the Senate has missed a historic opportunity to provide leadership by advancing the bill.
Bessant stated:
“This bill represents a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework that is more conducive to growth and competitiveness. The world is watching while American lawmakers twiddle their thumbs. Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.”
Senator Lummis, a vocal supporter of digital assets, issued a statement on the need to move digital asset innovation forward, preserving the dollar’s dominance while establishing the US as the crypto capital of the world. Lummis mentioned the support of Thune, the Majority Leader, who voted against the motion.
My statement after the Senate failed to advance the GENIUS Act. pic.twitter.com/lARFxCPEg9
— Senator Cynthia Lummis (@SenLummis) May 8, 2025
