According to legislative sources, the US Senate voted 68-30 to advance the GENIUS Act, setting standards for stablecoin issuers like USDC and USDT under state or federal oversight, as reported by Senator Bill Hagerty. This bipartisan move could boost market stability and institutional adoption, though Senator Elizabeth Warren criticized it for lacking safeguards against financial risks, potentially affecting crypto trading volumes and asset valuations.

According to Jake Chervinsky, the U.S. Senate narrowly voted down the GENIUS Act, a key piece of stablecoin legislation, with a 48-49 result (source: Jake Chervinsky on Twitter, May 8, 2025). While this setback delays regulatory clarity for stablecoins, Chervinsky notes that the obstacles are addressable with further bipartisan negotiation. For crypto traders, the vote postpones potential new compliance requirements and market impacts for stablecoins like USDT and USDC, but signals ongoing legislative focus. Monitoring future developments around the GENIUS Act is crucial for anticipating changes in U.S. stablecoin market dynamics.