The post GENIUS Act fails; Meta’s stablecoin appeared on BitcoinEthereumNews.com.

Homepage > News > Business > Last Week in Crypto: GENIUS Act fails; Meta’s stablecoin The GENIUS Act fails in Senate: Crypto regulation hits a wall Last week, the U.S. Senate voted on one of the most significant crypto bills of the year: the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act. The bill, which aimed to create a national regulatory framework for payment stablecoins, fell short, receiving 49 “no” votes and 48 “yes” votes, which is short of the 60 needed to pass. The GENIUS Act was a bipartisan bill that originally had support from both parties and backing from the crypto industry. However, the support from the Democratic Party began to crumble when concerns emerged about President Donald Trump’s personal involvement in the crypto space. Trump and his family hold a significant stake in World Liberty Financial (WLF), which recently launched its own stablecoin. Opponents of the GENIUS Act argue that passing the bill in its current form would open the door to the self-enrichment of the Trump family, essentially allowing a sitting president to sign a bill that directly benefits their private crypto ventures into law. Critics also raised national security concerns, with foreign investors potentially able to buy large amounts of the Trump-affiliated stablecoin through World Liberty Financial and subsequently gain political influence or access to the president because of their position. To be fair, there’s some truth to those concerns. The GENIUS Act likely would have benefited the Trump-affiliated projects. It also could’ve created a few lobbying and anti-money laundering loopholes. But the bigger picture here is what this failed vote signals about crypto regulation going forward. Until now, most of the crypto policy momentum in 2025 has come from executive actions, either through presidential orders or changes in leadership at agencies like…

---

Filed under: News - @ May 13, 2025 3:29 pm