Senate fails to advance first ever crypto regulatory legislation
The Senate failed to advance cryptocurrency legislation that would create a regulatory framework for stablecoins and companies that want to be licensed to issue stablecoins. The Genius Act had bipartisan support when it was first introduced, but it fell short after two Republicans, Sens. Josh Hawley, Mo., and Rand Paul, Ky., joined Democrats in voting against it.
Democrats contend that its consumer and money laundering protections don’t go far enough. Sen. Paul said he didn’t think there was a need for government regulation.
If Congress ultimately passes this bill into law, it would be the first time digital currency is officially introduced into the U.S. financial system.
“In the United States, stablecoins have…
