Crypto-Friendly GENIUS Act Fails Key Senate Vote as Dems Defect

In a rare occurrence, which may only last for a week, Democrats in the Senate showed some spine and voted down an important procedural vote on the GENIUS Act, a bill that would establish a (very weak) regulatory framework for the use of stablecoins. It was expected that the bill would get rubber-stamped, given the number of crypto-curious Dems in the caucus, but it will now have to go back to the drawing board before coming up for a vote again, which could happen as early as next week. The bill ultimately failed a cloture vote Thursday, achieving just 48 of the necessary 60 votes that would have formally ended debate on the bill and allowed it to advance to a full vote. There was expectation in advance of the vote that enough Democrats would cross the aisle and vote in favor of moving the bill forward, according to reporting from The American Prospect. But Democratic Senators who are members of the crypto caucus—Ruben Gallego, Mark Warner, Lisa Blunt Rochester, Andy Kim, Kirsten Gilli ... Read full article.