Fri May 09 12:30:00 UTC 2025: ## Senate Delays Vote on Crypto Bill Due to Lack of Final Text

**Washington, D.C.** – A Senate cloture vote to advance the GENIUS Act, a bill establishing a regulatory framework for stablecoins, failed Thursday due to Democratic opposition. Democrats, citing the absence of final bill text, voted against advancing the bill despite prior agreement on a modified version.

The bill, which would allow major tech companies to create their own private currencies, had secured Democratic support contingent upon amendments barring government officials and their families from issuing or sponsoring digital assets. These amendments, intended to address concerns stemming from reports of former President Trump’s company using a stablecoin for personal gain, were not finalized in time for the scheduled vote.

Senate Majority Leader John Thune (R-SD) expressed frustration at the delay, while Senator Ruben Gallego (D-AZ) argued for more time to review the finalized text and ensure colleagues understood the changes. He proposed combining Thursday’s procedural vote with Monday’s vote to end debate, a request blocked by Senator Cynthia Lummis (R-WY).

The vote largely fell along party lines, with only Senators Josh Hawley (R-MO) and Rand Paul (R-KY) joining the Democrats in opposing cloture. While Republicans expressed disappointment, Senate Majority Leader Thune indicated he would bring the bill back for reconsideration once Democrats have reviewed the final text.

Critics, such as Corey Frayer of the Consumer Federation of America, maintain that the GENIUS Act inadequately addresses concerns about stablecoin value, lack of deposit insurance, and use in illicit activities. They argue the bill could even facilitate enrichment of connected tech firms or government officials.

Despite the setback, expectations remain that the GENIUS Act will pass once the final text is available for review. The delay, while creating a temporary hurdle, is not seen as a fatal blow to the bill’s prospects. The incident also provided Republicans with the opportunity to highlight Democratic opposition on the record.

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