Trump-Linked Crypto Deal Blows Up GOP’s First Big Bil
On Thursday, May 8th, the Senate voted to block the advancement of the GENIUS Act, a first-of-its-kind bill meant to solidify the regulatory framework for stablecoins. After losing support from several Democrats and three Republicans, the procedural motion received 49 votes for its advancement, 11 shy of the 60 needed.
The GENIUS Act (Guiding and Establishing Innovation for U.S. Stablecoins) seeks to establish a host of federal rules pertaining to stablecoins, which are digital tokens most often pegged to the dollar. In March the bill passed a Senate Banking Committee vote 18-6 and seemed destined to be advanced by the upper chamber.
The failure of the procedural vote came as a blow to the Congressional Republicans, all…
