Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say.

The cryptocurrency industry spent millions of dollars in recent elections, influencing crypto legislation and political power in upcoming 2026 elections.

The GENIUS Act advanced in the Senate with a 66-32 vote after 16 Democrats changed their position. The bill had previously failed amid criticism that

In a rare occurrence, which may only last for a week, Democrats in the Senate showed some spine and voted down an important procedural vote on the GENIUS Act, a bill that would establish a (very weak) regulatory framework for the use of stablecoins.

Senator Elizabeth Warren slammed the GENIUS Act in a fiery speech on the Senate floor on Monday, citing risks to financial security.

A planned memecoin dinner has drawn bipartisan backlash in Washington over concerns that attendees may be looking to curry favor with the president.

John Deaton has cautioned that if the GENIUS ACT does not pass there won't be any important crypto-related laws before the midterms.