The GENIUS Act was supposed to be the United States’ big moment in stablecoin regulation — a long-awaited, bipartisan framework to bring crypto payments under federal oversight and finally make sense of the digital dollar landscape.

Instead, what we’re watching unfold is a masterclass in how to sabotage consensus.

Pushed by Senate Republicans and initially supported by a surprising number of Democrats, the GENIUS Act had all the momentum a crypto bill could ask for: committee support, White House interest, institutional buy-in, and a ticking clock that made regulation seem urgent and inevitable.

Then came the overreach.

Republicans Jump the Gun, Democrats Walk Out

By fast-tracking a floor vote for Thursday without consulting their Democratic colleagues, GOP leaders not only breached protocol — they broke trust. According to several Senate Democrats, including Ruben Gallego and Elizabeth Warren, the version heading to the floor wasn’t just rushed — it was gutted.

Gone were key anti-money laundering provisions. Absent were guardrails meant to protect the U.S. financial system from foreign actors. And conveniently, no mention was made of the Trump family’s deepening entanglement in stablecoin ventures.

This isn’t bipartisanship. It’s bulldozing.

The Trump Stablecoin Problem: A Convenient Blind Spot?

Let’s address the elephant in the room — the Trump family’s stablecoin project.

World Liberty Financial, a Trump-affiliated entity, is tied to a $2 billion deal with Abu Dhabi’s MGX firm to inject stablecoins into Binance — one of the most legally embattled platforms in crypto history. That’s not just a red flag. It’s a blaring siren.

Senator Warren is right to ask whether it’s wise to pass sweeping legislation while a former president and his family quietly corner the market behind the scenes.

Imagine if a Biden-affiliated stablecoin jumped to 7th place globally on the back of foreign investment — there would be hearings every day. And yet, in this case, GOP leaders are sprinting toward the vote, seemingly unbothered by the optics.

Regulation Desperately Needed — But Not Like This

To be clear, the U.S. does need stablecoin regulation. Without it, innovation is stifled, companies flee offshore, and the dollar risks losing ground to private and foreign digital currencies.

But rushed legislation built on a fragile political alliance won’t get us there. If anything, the GENIUS Act in its current form could create more confusion than clarity — especially if passed without buy-in from both sides of the aisle.

A bill this consequential needs scrutiny. It needs transparency. And yes, it needs to survive more than a single election cycle before it’s rewritten or gutted all over again.

Thursday’s Vote Could Define Crypto’s Next Chapter

The Senate now finds itself in a high-stakes moment. Republicans want a win. Democrats want accountability. And the crypto world is watching to see if the U.S. can walk the fine line between innovation and regulation.

If the GENIUS Act collapses on Thursday, it won’t be because crypto is too complex to regulate.

It’ll be because our politics, once again, got in the way.