05.08.25

Senate Democrats Filibuster the Bipartisan GENIUS Act

Democrats Yet Again Use the Filibuster - Which They Attempted to Abolish While in the Majority - to Block a Bill They Claim They Want to Support

DESPITE THE GENIUS ACT BEING BIPARTISAN AND GOING THROUGH THE COMMITTEE PROCESS, DEMOCRATS ARE HAVING A HARD TIME TAKING “YES” FOR AN ANSWER

  • “An early Senate vote to move forward on crypto legislation failed Thursday afternoon — a blow to bipartisan efforts to regulate stablecoins… Just a week ago, the bill looked likely to sail through with easy bipartisan support. But following a heated Democratic lunch, everything fell apart resulting in Thursday's damning vote.” (Axios: Major crypto bill fails key vote – 5/8/25)
  • “Lawmakers and staffers in the Senate worked overnight into the early hours of Thursday fielding further concerns from Democratic members, leaving some expressing doubt about how successful the vote will be on what's now the sixth version of this stablecoin bill.” (Coindesk: Senate Republicans Making Plea to Get on With Stablecoin Debate – 5/8/25)
  • Despite this bipartisan work, nine Senate Democrats at the 11th hour said they “‘would be unable to vote for cloture should the current version of the bill come to the floor.’ The statement was signed by four Democrats who voted in favor of the stablecoin bill when it cleared the Senate Banking Committee in March…”  (Politico: Democrats reverse course to oppose Senate crypto bill – 5/3/25) 
  • Every Senate Democrat voted against cloture, even those on the Banking Committee who voted to advance the bill and previously praised its amendment process: (S. 1582: Roll Call Vote #240 – 5/8/25)
    • “Prior to the final committee vote, Sen. Mark Warner, D-Va., told colleagues that he would vote yes given the swath of bipartisan changes accepted during the markup, which he argued increased anti-money laundering provisions, put criminal penalties in place and made it easier for law enforcement to seize and freeze assets.” (Law360: Senate Stablecoin Bill Advances With Democrats Divided – 3/13/25)
    • Even during the Banking Committee’s markup in March, Warner “stepped in before the vote to say he wouldn't have supported it without the amendments that passed today, which he contends tighten Bank Secrecy Act assurances.” (Axios: Stablecoin bill clears Senate Banking Committee – 3/13/25)
    • Sen. Ruben Gallego (D-Ariz.) praised senators for having “made many improvements through our bipartisan committee work.” (Sen. Gallego: Gallego Statement on GENIUS Act – 3/13/25)
  • Flashback: Senate Minority Leader Chuck Schumer “supported adding a stablecoin bill to the Federal Aviation Administration reauthorization bill in 2024.”  (PoliticoPro: Schumer wants stablecoins, cannabis banking in FAA bill – 4/29/24)
    • At the time, Schumer said, “My goal when it comes to crypto regulation is this: I want to bring members on both sides of the aisle here in the Senate together ... so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world.” (CNBC: Schumer says a crypto bill can pass Senate this year; key Dems join ‘Crypto4Harris’ call – 8/14/24) 

THIS IS THE FOURTH BILL THAT DEMOCRATS HAVE FILIBUSTERED THIS YEAR, DESPITE THEIR RECENT EFFORTS TO ELIMINATE THE FILIBUSTER TO PASS THEIR PARTISAN AGENDA

  • Senate Democrats have been eager to use the filibuster to block commonsense legislation this year:
    • “Senate Democrats blocked… legislation that aims to protect babies born alive in botched abortions. By a 52-47 vote along party lines, the Republican-led upper chamber failed to invoke cloture on the ‘Born-Alive Abortion Survivors Protection Act.’” (The Daily Wire: Senate Dems Block Born-Alive Abortion Survivors Protection Act – 1/22/25)
    • “Senate Democrats on Tuesday voted to filibuster a GOP-led bill to sanction International Criminal Court officials. The measure was designed to punish the ICC for issuing arrest warrants for top Israeli officials.” (CNN: Senate Democrats block International Criminal Court sanctions bill in response to Netanyahu warrant – 1/28/25)
    • “Senators voted 51 to 45 along party lines to defeat a cloture vote on Republican Alabama Sen. Tommy Tuberville’s Protection of Women and Girls in Sports Act… Senate Democrats chose to tank the legislation despite roughly eight in 10 Americans opposing transgender athletes’ participation in women’s sports, including a majority of Democratic voters, according to New York Times-Ipsos polling conducted in January.” (The Daily Caller: Senate Dems Kill Legislative Effort To Protect Women’s Sports – 3/3/25)
  • Given the chance, many of those same Democrats are committed to ending the filibuster and ramming through their left-wing priorities:
    • “We would have Roe v. Wade as law of the land, comprehensive immigration reform, better gun safety laws. And we’d just be warming up… [B]ut we never get there because the 60-vote threshold means that a minority controls the votes that make it through. So why keep this hanger-oner?” – Sen. Elizabeth Warren (D-Mass.)
    • “[M]y position is that filibuster has to get reformed. It’s not a tool of compromise, it’s a tool of obstruction… At the end of the day, this is actually really used to stop real moral movement and actual laws actually help people in this country.” – Sen. Ruben Gallego (D-Ariz.)
    • “The filibuster has brought the Senate to a standstill. People can talk as long as they want and engage in that kind of approach. But they cannot hold up the legislative agenda of America.” – Sen. Andy Kim (R-N.J.)
    • “The filibuster is an archaic tool created to hinder America’s progress. As Delaware’s next United States Senator, you can count on my vote to abolish the filibuster once and for all.” – Sen. Lisa Blunt Rochester (D-Del.)

THE GENIUS ACT PROVIDES A CLEAR PRO-GROWTH REGULATORY FRAMEWORK IN AN EMERGING INDUSTRY USED BY MILLIONS OF AMERICANS

“The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance. I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules.” – Sen. Bill Hagerty (R-Tenn.)

  • “This bipartisan legislation establishes a clear regulatory framework for payment stablecoins,” which “are a type of cryptocurrency whose value is pegged to another asset,” in order to maintain stable pricing. (U.S. Senate Committee on Banking, Housing, and Urban Affairs: Scott Advances Stablecoin, Debanking Legislation Out of Banking Committee – 3/13/25; Coinbase: What is a stablecoin? – accessed 5/7/25)
  • Most stablecoins are linked to the U.S. dollar and are “suitable for commercial transactions, international remittances, and storing value digitally.” (FinTech Weekly: Banks and Fintech Companies Rush to Issue Stablecoins Amid Regulatory Shift – 3/10/25)
  • “Under the proposed law, stablecoin issuers must maintain 1:1 reserves, ensuring that US dollars, insured bank deposits, or short-term Treasury bills back each issued token.” (CryptoSlate: Senate Banking Committee passes GENIUS Act with bipartisan support, advancing stablecoin regulation – 3/13/25)
  • “Over the past year, transaction volumes involving stablecoins rose significantly from $521 billion to $710 billion monthly. The user base has expanded correspondingly, with unique stablecoin addresses reaching 35 million, marking a notable increase of approximately 50% year-over-year.” (FinTech Weekly: Banks and Fintech Companies Rush to Issue Stablecoins Amid Regulatory Shift – 3/10/25)
  • As of 2023, 52 million Americans owned cryptocurrency. (Coinbase: State of Crypto – accessed 5/7/25)

THE GENIUS ACT PROTECTS BOTH CONSUMERS AND NATIONAL SECURITY

“Our landmark stablecoin legislation is a huge victory for the digital asset industry and a critical step in securing our nation’s financial future. The GENIUS Act strikes the balance of establishing proper guardrails that protect consumers while preserving financial innovation and America’s dollar dominance in the global financial system.” – Sen. Cynthia Lummis (R-Wyo.)

  • Currently, “stablecoins operate in a legal gray area, offering no guaranteed safety for holders,” causing them to be “vulnerable in times of crisis.” (Forbes: The Stablecoin Paradox: Supercharging Dollar Dominance – 3/3/25)
  • The GENIUS Act addresses these issues and is a consumer protection bill that will:
    • “[establish] federal safeguards that protect stablecoin holders and enhance consumer confidence in the permitted payment stablecoin market.”
    • “[establish] strict marketing standards for payment stablecoins.”
    • “[prevent] destabilizing runs through a tailored regulatory framework.”
    • “[ensure] state regulators have stablecoin frameworks that are ‘substantially similar’ to the federal framework.” (U.S. Senate Committee on Banking, Housing, and Urban Affairs: FACT SHEET: The GENIUS Act Protects Consumers – 4/16/25)
  • The GENIUS Act will also strengthen national security by: 
    • “build[ing] on the Treasury Department’s and Department of Justice’s existing authorities to address illicit activity involving stablecoins…”
    • “bolster[ing] the global strength of the U.S. dollar, increasing demand for U.S. Treasuries and expanding dollarization in a way that aligns with U.S. sanctions and law enforcement priorities. Without this legislation, firms are incentivized to move offshore, where they face weaker regulatory oversight.” (U.S. Senate on Banking, Housing, and Urban Affairs: FACT SHEET: The GENIUS Act Bolsters National Security – 4/16/25)