Crypto Bill Fails for Now, but Democratic Deal Remains Intact
Crypto executives suffered a temporary (but only temporary) setback today, when a cloture vote to advance a bill setting up a light-touch regulatory regime for stablecoins failed in the Senate. Democrats decided to vote against the bill because they had not seen final text.
But this doesn’t change the widespread expectation among people close to the process that Democrats will eventually agree to the GENIUS Act, once they have a piece of paper to wave around to claim that they made improvements to the package.
Lat night, the Prospect reported, based on several sources, that Democrats had agreed to a modified version of the GENIUS Act, which would enable Big Tech firms to create their own private currencies. The main ask that…
