On Thursday, a group of mostly Senate Democrats derailed a cryptocurrency regulation bill backed by the Trump administration, at least for the time being.
The GENIUS Act failed to advance in a 48-49 vote, with Sens. Rand Paul (R-KY) and Josh Hawley (R-MO) joining Democrats in opposing the legislation. It needed 60 votes to bypass the procedural hurdle.
Senate Majority Leader John Thune (R-SD) reportedly switched his vote to “nay” in a move that allows future reconsideration.
The legislation seeks to create a framework for stablecoins, which are significant in digital asset exchanges and pegged to stable assets such as the U.S. dollar.
Democrats, some of whom had previously supported the legislative push, relayed concerns about protections for consumers and President Donald Trump’s crypto ties. They also claimed Republicans rushed the vote without finalized text.
“Senate Republicans are trying to jam Democrats with a stablecoin bill that helps Trump rake in hundreds of millions of dollars — just as he tanks the economy and raises costs for everyone else,” Sen. Elizabeth Warren (D-MA) said on X. “Rolling over without fixing this bill would be a huge mistake.”
Before the vote, Thune delivered remarks in which he said senators were voting on a sixth version of the bill that had been drafted with the input from both Republicans and Democrats.
“And if senators would like the opportunity to make further modifications to the bill, I encourage them to vote for cloture,” Thune said. “Once we’re on the bill, we can discuss changes here on the floor. We’ve had an open process on this bill so far, so why stop now?”
Reporters noted on X that Paul had said he did not get enough information to “convince” him that the bill was a good idea while Hawley emphasized that he wanted to see the latest text of the legislation.
Treasury Secretary Scott Bessent expressed disappointment with the outcome of the procedural vote.
“For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act,” Bessent said, adding later: “Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.”
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[[{“value”:”
On Thursday, a group of mostly Senate Democrats derailed a cryptocurrency regulation bill backed by the Trump administration, at least for the time being.
The GENIUS Act failed to advance in a 48-49 vote, with Sens. Rand Paul (R-KY) and Josh Hawley (R-MO) joining Democrats in opposing the legislation. It needed 60 votes to bypass the procedural hurdle.
Senate Majority Leader John Thune (R-SD) reportedly switched his vote to “nay” in a move that allows future reconsideration.
The legislation seeks to create a framework for stablecoins, which are significant in digital asset exchanges and pegged to stable assets such as the U.S. dollar.
Democrats, some of whom had previously supported the legislative push, relayed concerns about protections for consumers and President Donald Trump’s crypto ties. They also claimed Republicans rushed the vote without finalized text.
“Senate Republicans are trying to jam Democrats with a stablecoin bill that helps Trump rake in hundreds of millions of dollars — just as he tanks the economy and raises costs for everyone else,” Sen. Elizabeth Warren (D-MA) said on X. “Rolling over without fixing this bill would be a huge mistake.”
Before the vote, Thune delivered remarks in which he said senators were voting on a sixth version of the bill that had been drafted with the input from both Republicans and Democrats.
“And if senators would like the opportunity to make further modifications to the bill, I encourage them to vote for cloture,” Thune said. “Once we’re on the bill, we can discuss changes here on the floor. We’ve had an open process on this bill so far, so why stop now?”
Reporters noted on X that Paul had said he did not get enough information to “convince” him that the bill was a good idea while Hawley emphasized that he wanted to see the latest text of the legislation.
Treasury Secretary Scott Bessent expressed disappointment with the outcome of the procedural vote.
“For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act,” Bessent said, adding later: “Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.”
“}]]
