Senate Republicans Call for Continued Debate on Stablecoins
Senate Republicans Call for Further Discussion on Stablecoins
Once-supportive Democrats continue to delay passage of the first major cryptocurrency bill, questioning a key vote while GOP Majority Leader Thune calls for action.
Jesse Hamilton | Edited by Nikhilesh De Updated May 8, 2025, 4:08 PM Published May 8, 2025, 3:08 PM
What is important to know:
- Senate Majority Leader John Thune is urging his colleagues to support the stablecoin bill despite growing resistance from Democrats who previously supported it.
- This is the first significant statement from the South Dakota lawmaker on the issue of cryptocurrencies.
- Tense negotiations continue behind closed doors on Capitol Hill, casting doubt on a scheduled 1:45 p.m. vote to advance the bill.
Senate Majority Leader John Thune delivered a speech Thursday morning in support of a stablecoin bill, his first major statement on cryptocurrency issues as Republicans grow increasingly frustrated with the failure of once bipartisan efforts to achieve success.
“Stablecoins should be made in the U.S., but we can’t lead in innovation without clarity for innovators,” Thune said in a Senate floor speech ahead of an afternoon vote to advance debate on the Genius Leadership and National Innovation for U.S. Stablecoins (GENIUS) Act, which would establish a regulatory regime for U.S. stablecoin issuers.
“Americans are already using stablecoins and will continue to use them regardless of the legislation,” Thune said, adding that the bill would create safeguards against money laundering and national security threats, as well as protect consumers through reserve requirements.
“The GENIUS Act is not the final word on digital assets,” the South Dakota lawmaker said, but described it as “a first step toward integrating digital assets into our financial system.”
While many Democrats had previously expressed support for the bill and helped push it out of the Senate Banking Committee by an 18-6 vote, they have voiced vocal opposition to moving forward, focusing on President Donald Trump’s personal interests in cryptocurrency and the potential conflicts those business ties could create. Sen. Ruben Gallego has been at the forefront of that backlash, despite his close ties to the industry, which has supported his 2024 Senate campaign by contributing $10 million to ads funded by an affiliate of the cryptocurrency-backed political action committee Fairshake.
The Senate is moving toward a so-called cloture vote at 1:45 a.m. Thursday that will open debate on the bill — a process that could take days. But that next step will require several Democrats to overcome the 60-vote margin needed. Along with Gallego, several Democrats who voted for the bill in committee have said they will oppose the cloture vote.
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