Senate Gridlock Kills GENIUS Act—Here’s What Lawmakers Are Cooking Up Instead

Washington’s latest crypto legislation faceplanted harder than a rookie trader chasing memecoins. The GENIUS Act—touted as a regulatory breakthrough—just hit a brick wall in the Senate.

Now insiders whisper about a ‘Hail Mary’ proposal dropping next week. Because nothing solves bureaucratic inertia like slapping fresh lipstick on a dead bill.

Bonus cynicism: At least this circus distracts from the Fed’s balance sheet bleeding $8B daily. Priorities, people.

GENIUS Act temporarily delayed

Galaxy Digital head of research Alex Thornthe “hope is that a new version of the bill will be introduced as soon as Monday to try again.”

Digital Chamber head of government affairs Taylor Barrthe denial of the cloture motion is not the end, adding that it doesn’t change that “digital assets are here to stay.”

Variant Fund chief legal officer Jake Chervinskythe decision “isn’t no, just not yet.” He added that there are many reasons why the legislation was not passed on May 8, but more bipartisan work can address these issues.

Solana Policy Institute CEO Miller Whitehouse-Levine echoed the belief in a positive outcome from a bipartisan effort,it will “get the GENIUS Act over the finish line.”