ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
Home Newsbytes

Stablecoin legislation hits roadblock in Senate

May 8, 2025
Reading Time: 1 min read
White paper: Banks have clear legal authority to issue stablecoins

A bill to create a regulatory framework for stablecoins stalled in the Senate today after it failed to generate enough votes to advance. Afterward, Senate Republicans vowed to continue working to pass the legislation.

The Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act would establish procedures for institutions seeking licenses to issue stablecoins and establish regulatory standards for stablecoin issuers. Senate Majority Leader John Thune (R-S.D.) expedited a vote on legislation after it cleared the Senate Banking Committee, but bipartisan support for the bill evaporated in recent days.

A vote to invoke cloture on the GENIUS Act failed after Democrats demanded several changes be made, including language to prevent government officials from profiting from stablecoin ventures. Democrats pointed to recent business ventures by President Trump and his family in digital assets as the primary reason the language was needed. They also called for language to prevent “Big Tech” firms from issuing stablecoins and more consumer protections.

“If the majority wants to establish a durable legal framework for digital assets, rather than just try to score political points, they will take these concerns seriously and agree to improve the bill,” Senate Banking Committee Ranking Member Elizabeth Warren (D-Mass.) said in a statement before the vote.

Committee Chairman Tim Scott (R-S.C.), who was the lead sponsor on the bill, blasted Democrats for a “disappointing display of political gamesmanship that puts partisan politics above policy and obstruction above innovation.”

“Entrepreneurs and developers want clarity so they can build here in the United States of America, not be pushed offshore into a regulatory environment that is confusing,” Scott said.

Tags: CongressCryptocurrencyDigital assetsStablecoin
ShareTweetPin

Related Posts

Decoding digital money

Decoding digital money

Technology
September 22, 2025

The real difference between stablecoins and tokenized deposits.

ABA DataBank: Strong demand for air travel in 2025

ABA DataBank: Strong demand for air travel in 2025

Economy
September 19, 2025

The total number of travelers passing through TSA checkpoints in 2025 has not only returned to, but surpassed, pre-COVID levels.

Culture eats code for breakfast: Rethinking AI strategy for banks

Survey: Most banks preparing for AI, have concerns about stablecoins

Newsbytes
September 19, 2025

Most banks have taken initial steps in preparing for artificial intelligence, including educating employees about AI-enabled fraud, according to the new bank technology survey by Bank Director.

Treasury seeks input on Genius Act implementation

Treasury seeks input on Genius Act implementation

Newsbytes
September 19, 2025

The most recent request for comment does not implement new requirements under the act, it offers the public an opportunity to contribute to the implementation of the law.  

FDIC releases 2025 Summary of Deposits data

FDIC releases 2025 Summary of Deposits data

Newsbytes
September 19, 2025

The FDIC’s Summary of Deposits provides deposit totals for each of the more than 76,000 domestic offices operated by more than 4,400 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks. 

ABA’s Benda testifies before House subcommittee on escalating fraud threats

ABA’s Benda testifies before House subcommittee on escalating fraud threats

Compliance and Risk
September 18, 2025

Banks are working every day to protect their customers from fraud, but they cannot stop criminals by themselves, ABA's Paul Benda said during a congressional hearing on financial fraud.

NEWSBYTES

ABA DataBank: Strong demand for air travel in 2025

September 19, 2025

Survey: Most banks preparing for AI, have concerns about stablecoins

September 19, 2025

Treasury seeks input on Genius Act implementation

September 19, 2025

SPONSORED CONTENT

The Connectivity Dividend

The Connectivity Dividend

September 1, 2025

Building Trust with Every Transaction

September 1, 2025
10 Essentials of a New Loan Origination System

10 Essentials of a New Loan Origination System

August 29, 2025
Planning Your 2026 Budget? Allocate Resources to Support Growth and Retention Goals

Planning Your 2026 Budget? Allocate Resources to Support Growth and Retention Goals

August 1, 2025

PODCASTS

Podcast: The ‘capacity crisis’ in leadership today

September 17, 2025

Podcast: AI, third-party risk and the future of partner banking

September 11, 2025

Demographic trends shaping the U.S. banking outlook

July 30, 2025

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.