Senate Fails Key Procedural Vote on GENIUS Act Stablecoin Bill, 48-49, Despite Support from Thune, Gallego, Warner

The bipartisan GENIUS Act, a Senate bill aimed at regulating stablecoins, has faced intense negotiations and uncertainty ahead of a scheduled vote. Senate Democrats and Republicans have engaged in multiple discussions to find a path forward, with key lawmakers including Ruben Gallego, Mark Warner, Kirsten Gillibrand, Cynthia Lummis, and Tim Scott involved. Despite efforts to reach consensus, including proposed amendments to bar public officials from profiting from issuing stablecoins, the bill encountered resistance within the Democratic caucus. Senate Majority Leader John Thune filed cloture to force a vote on Thursday, but Democrats pushed to delay the vote to allow more time for drafting and review. Ultimately, the bill failed a key procedural vote in the Senate, falling short of the 60 votes needed to advance debate, with a tally of approximately 48-49 against. This setback was marked by a revolt from Senate Democrats, including some previous supporters such as Warner and Gallego. The failure of the GENIUS Act represents a major blow to stablecoin legislation, though advocates suggest further bipartisan work could revive the bill in the future. The vote’s failure underscores ongoing divisions within the Senate over crypto regulation and the challenges of passing first-of-its-kind legislation in this area. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant