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U.S. Senate Blocks Stablecoin Bill, Delivering Setback to Crypto Industry

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A bill aimed at establishing a U.S. regulatory framework for stablecoins failed to advance in the Senate on Thursday, marking a significant setback for the crypto industry and stalling hopes for near-term federal legislation governing dollar-pegged digital tokens.

Known as the GENIUS Act, the legislation fell short of the 60 votes needed to proceed to a full Senate vote, securing only 49 votes in favor. The failure comes despite months of lobbying by the crypto sector, which poured over $119 million into supporting pro-crypto candidates during last year’s election cycle and framed stablecoin regulation as a bipartisan issue.

Stablecoins — cryptocurrencies designed to maintain a stable 1:1 peg to the U.S. dollar — are widely used in crypto trading and payments, and their mainstream use has grown rapidly. While the industry had hoped the bill would pass this year, Democratic pushback intensified, particularly in light of former President Trump’s growing involvement in crypto ventures.

Two Republican senators — Josh Hawley and Rand Paul — voted against the bill alongside most Democrats, citing unresolved concerns. Senator Mark Warner, a Democrat who had previously backed the bill in committee, explained his opposition during the vote:

“The work is not yet complete, and I simply cannot in good conscience ask my colleagues to vote for this legislation when the text isn’t finished.”

A group of Democrats who initially supported the measure accused Republicans of refusing to strengthen the bill’s anti-money laundering safeguards and foreign stablecoin oversight, particularly following news that Trump-affiliated World Liberty Financial would launch a stablecoin to support a $2 billion Abu Dhabi-backed investment in Binance.

Senate Majority Leader John Thune expressed frustration on the floor after the vote, blaming Democrats for halting momentum:

“Not every bill that comes to the floor is a final bill… This was a missed opportunity for a bipartisan win.”

With this latest setback, the path forward for stablecoin regulation remains uncertain, and the crypto industry is left grappling with yet another delay in achieving formal legal clarity in the U.S. financial system.

Trump’s Crypto Ties Disrupt Bipartisan Push for U.S. Digital Asset Regulation

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Tensions over Donald Trump’s growing cryptocurrency ventures spilled into Capitol Hill this week, jeopardizing hopes for a bipartisan breakthrough on U.S. digital asset legislation in 2024. A scheduled joint hearing between the House Financial Services and Agriculture Committees was effectively canceled after Representative Maxine Waters objected, citing ethical concerns tied to Trump’s crypto dealings.

Trump’s ventures include $Trump, a meme coin launched in January, and World Liberty Financial, a crypto firm partially owned by him. Both have sparked criticism over potential conflicts of interest, especially given Trump’s vocal support for deregulating the crypto industry and his campaign efforts to attract donations from crypto stakeholders.

Waters accused Republicans of turning a blind eye to what she described as “Trump’s abuse of power”, stating, “I cannot in good faith agree to such a hearing to discuss crypto market structure” under those circumstances. Her objection derailed a session that was expected to shape the first-ever comprehensive U.S. regulatory framework for digital assets.

Republican committee chair French Hill expressed frustration, saying Waters’ move introduced unnecessary partisanship into what had been a bipartisan effort.

The White House responded, with Deputy Press Secretary Anna Kelly asserting there is no conflict of interest, emphasizing that Trump’s assets are managed by his children through a trust. “President Trump is dedicated to making America the crypto capital of the world,” she added.

The controversy casts doubt on the future of other crypto-related legislation, including a key stablecoin bill that would regulate cryptocurrencies pegged to traditional assets like the U.S. dollar. The bill was once seen as a legislative priority, but Democrats are now resisting over concerns about weak anti-money laundering measures and the use of a World Liberty Financial stablecoin in a $2 billion deal with a UAE-based firm investing in Binance.

While Republicans — who hold a Senate majority — may still pass the bill, growing division risks undermining the crypto industry’s narrative that regulation can be a bipartisan success story.

Binance to Add and Remove Tokens Based on Community Votes: Here’s the Process

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Binance has introduced a new initiative to allow its community to play a direct role in the listing and delisting of crypto tokens on its platform. As the largest cryptocurrency exchange in the world, Binance faces the challenge of navigating a rapidly growing and increasingly crowded market of altcoins. By involving its users in the decision-making process, Binance aims to ensure that only high-quality, innovative, and compliant projects are listed, while also enhancing transparency and accountability within the platform. This move comes as part of Binance’s ongoing efforts to provide a more inclusive environment for the cryptocurrency community.

The platform’s new approach will see community members voting on which newly launched tokens should be listed. Binance will create a voting pool from tokens selected internally, and users will be able to vote for the tokens they wish to support. To be considered for listing, projects must have completed their Token Generation Event (TGE), the stage where new tokens are first created and distributed. These projects can then submit self-nomination applications to be included in the voting pool, offering them a direct path to gaining the community’s approval.

In addition to token listings, Binance is also enhancing its approach to delisting tokens that no longer meet its criteria. The exchange will introduce a “Monitoring Zone” to flag tokens that raise concerns, such as those with inactive communities or lack of development. Tokens associated with early-stage projects that attempt to inflate their token supply without following proper protocols will also be moved to this zone before potential delisting. This system is designed to safeguard investors and ensure that only legitimate projects remain on the platform.

To participate in this community-driven process, Binance users will need to hold at least 0.01 BNB tokens in their accounts. The current price of BNB, Binance’s native token, is $565 (approximately Rs. 49,330), meaning users must hold about $5.60 (Rs. 490) worth of BNB to engage in the voting process. This new feature marks an exciting step forward for Binance, making it easier for users to have a say in which projects thrive on the exchange and creating a more democratic and user-centric platform for all.