The Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, known as the GENIUS Act, suffered a major setback in the U.S. Senate on May 8th. The bill’s intended to provide clearer regulations for digital assets, particularly stablecoins, failed to overcome cloture, hindering cryptocurrency regulation efforts. Sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, the GENIUS Act faced unexpected opposition from Senate Democrats who raised concerns about former President Donald Trump’s involvement in the cryptocurrency industry. These concerns prompted last-minute amendments to address the Democrats’ concerns. The bill aimed for a bipartisan approach, with a focus on stablecoins used for payments, seen as a way to solidify the US dollar’s global dominance while minimizing controversial aspects of cryptocurrency. Despite these intentions, its failure to advance sparked criticism from Senate Majority Leader John Thune.