Supporters of a bill aimed at regulating the stablecoins of the US Congress will probably vote on the legislation in a few days without responding to the concerns of President Donald Trump’s financial ties with the cryptocurrency industry.
The guide and the establishment of national innovation for American stables, or Genius Act, did not obtain enough votes to adopt the US Senate on May 8 in the calls of certain Democratic legislators to stop any legislation linked to digital assets until the Republicans can approach Trump’s potential conflicts.
Immediately after the vote, some legislators of the two parties suggested reconsider the bill this week, but without getting along a bipartite path to follow.
After the genius law failed to vote 48 to 49 in the Senate, the head of the majority, John Thune, made a motion to reconsider, organizing a possible vote on the issue in a few days. A familiar source with the case said that the Republicans of Cintelegraph who supported the bill were unlikely to modify him to block Trump or any member of his administration to invest in digital assets, affirming that he was beyond the authority of the Congress under the Constitution.
“(…) This delay is not intrinsically prejudicial,” said Liat Shetret, vice-president of global policy and regulation of the Blockchain Elliptic analysis company. “We can expect the bill to return to the ground, this break giving the time of both parties to clarify the provisions and respond to the concerns of the legislators.”
The Cedar Innovation Foundation, an organization linked to the Political Action Committee (PAC) Fair, issued a warning to the Senate management to “avoid political games” and adopt a bill on stables “in the coming days”. Fairshake spent more than $ 131 million to support candidates in the US elections in 2024, some of whom are currently serving in the Chamber and the Senate. It is more than 500 days ago before the mid -2026, when many members of the Congress are ready to re -elect.
On May 12, the Senate resumed the examination of the request for the law on engineering, soon suggesting another vote.
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Changes in stablecoin or market structure invoices?
If the Senate republicans reintroduce the bill without any change, it is not clear if they would have enough support to erase a majority of 60 votes to avoid a democratic filibuster – a process of delay or sometimes block a vote on a bill.
The Trump family’s ties with the cryptographic platform World Liberty Financial and its Stablecoin, USD1, have raised potential corruption problems, as well as the best holders of its Trump even the possibility of paying access to the president through a dinner and exclusive reception.
“(…) The Bill of the Republicans did nothing to tackle Trump’s conflict and rather voted to give Trump to write the rules on his stablecoins and competitors,” said Democrat representative Maxine Waters in a statement on May 6. She blocked an audience to discuss a possible bill on the structure of the digital asset market, citing concerns about Trump’s “property of crypto”.
https://www.youtube.com/watch?v=Sumyssrjvzm
Democratic legislators have already introduced possible solutions to what they have called the “greatest corruption scandal in the history of the White House” – with legislation in the chamber and in the Senate to ban members of the Congress, the President, the Vice -President and their families from taking advantage of the same. Senators Elizabeth Warren and Chris Van Hollen would also have called the president to fully depart from the USD before concluding possible agreements with foreign governments.
The non -partisan organization of the state organization of Defense Defense The defenders reported in April that Trump’s Crypto assets were worth around 2.9 billion dollars, which represented 40% of its wealth. This report came before the launch of the Stablecoin of World Liberty Financial, that an investment company based in Abu Dhabi said that it would use to settle an investment of $ 2 billion in Binance. Trump’s sons, Eric, Donald Trump Jr. and Barron, were all listed as “web3 ambassadors” for the platform.
Review: Trump crypto companies raise conflicts of interest, initiate negotiation issues
