Senate to try again to advance crypto bill after Democratic opposition

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How Trump's made wealth disconnected his meme coin

How Trump's made wealth disconnected his crypto meme coin 03:55

Washington — The Senate is expected to instrumentality a cardinal procedural ballot Monday evening connected a crypto regularisation measure aft Democratic absorption tanked an archetypal effort to beforehand the measurement earlier this period amid interest implicit ties betwixt the integer plus manufacture and the Trump family.

The first-of-its-kind legislation, known arsenic the GENIUS Act, would make a regulatory model for stablecoins — a benignant of cryptocurrency tied to the worth of an plus similar the U.S. dollar. After the measurement precocious retired of the Senate Banking Committee with bipartisan enactment successful March, Senate GOP enactment archetypal brought the measurement to the level earlier this month. But the measurement had mislaid Democratic enactment successful the intervening weeks amid concerns astir President Trump and his family's concern ventures involving cryptocurrency.

Senate Majority Leader John Thune said the precocious enclosure would effort again to beforehand the authorities connected Monday, portion criticizing Democrats for blocking the measurement from moving guardant earlier this month, saying "this measure reflects the bipartisan statement connected this issue, and it's had an unfastened and bipartisan process since the precise beginning."

Thune, a South Dakota Republican, argued that Senate Democrats "inexplicably chose to artifact this legislation" earlier this month, portion adding that "I'm hoping that the 2nd clip volition beryllium the charm."

Senate Majority Leader John Thune speaks astatine a property league with different members of Senate Republican enactment pursuing a argumentation luncheon astatine the U.S. Capitol successful Washington, DC connected May 13, 2025.

Since the failed ballot earlier this month, negotiators returned to the table. And up of the procedural ballot Monday, the measurement saw backing from astatine slightest 1 Democrat arsenic Sen. Mark Warner of Virginia advocated for the measure, calling it a "meaningful measurement forward," though helium added that it's "not perfect."

"The stablecoin marketplace has reached astir $250 cardinal and the U.S. can't spend to support lasting connected the sidelines," Warner said successful a statement. "We request wide rules of the roadworthy to support consumers, support nationalist security, and enactment liable innovation."

Still, Warner pointed to concerns helium said are shared among galore senators astir the Trump family's "use of crypto technologies to evade oversight, fell shady fiscal dealings, and personally nett astatine the disbursal of mundane Americans," aft it was announced earlier this period that an Abu Dhabi-backed steadfast volition put billions of dollars successful a Trump family-linked crypto firm, World Liberty Financial.

Warner said senators "have a work to radiance a airy connected these abuses," but helium argued "we cannot let that corruption to unsighted america to the broader reality: blockchain exertion is present to stay."

Whether the measurement tin beforehand successful the precocious enclosure this clip astir remains to beryllium seen. The measurement fell abbreviated of the 60 votes indispensable to determination guardant earlier this month, with each Senate Democrats and 2 Republicans — Sens. Rand Paul of Kentucky and Josh Hawley of Missouri — opposing. Paul has reservations astir overregulation, portion Hawley voted against the measure successful portion due to the fact that it doesn't prohibit large tech companies from creating their ain stablecoins.

Sen. Bill Hagerty of Tennessee, who sponsored the legislation, defended the measure connected CNBC's "Squawk Box" Monday. He outlined that a deficiency of regulatory framework, which the measure would provide, makes for uncertainty — and results successful innovative exertion moving offshore. The Tennessee Republicans urged that "this volition hole it," portion arguing that the measure has beardown bipartisan support.

"We person wide argumentation agreement, Democrats and Republicans," Hagerty said. "The question is tin we get past the partisan authorities and let america to really person a victory."