Crypto regulation bill fails to advance in the Senate
A landmark crypto regulation package failed to advance in the Senate on Thursday after key Democrats backed out over the weekend.
Dubbed the GENIUS Act, the bill needed 60 votes to move to the Senate floor for final passage. The final tally was 48 in favor and 49 against. Three senators did not vote.
Following the vote, Treasury Secretary Scott Bessent said, “the world is watching while American lawmakers twiddle their thumbs.”
The GENIUS Act aims to create a regulatory framework for stablecoins, or digital assets that are pegged to the value of other assets, like the U.S. dollar.
But nine key Democrats — four of whom had previously voted for the bill in committee — said over the weekend that they would…
