- The Senate rejected advancing the Genius Act to the next stage of potential approval.
- Republicans failed to overcome Democratic resistance.
- President Donald Trump’s crypto ventures loomed over Capitol Hill drama.
In a major setback for crypto, the US Senate voted on Thursday to not advance a landmark stablecoin bill to potential passage after a number of Democrats balked at endorsing legislation they said would endanger consumers, the financial system, and national security.
By a vote of 48 yeas to 49 nays, the Senate rejected the Genius Act after Republicans had sought to fast-track a statuatory framework for the $246 billion stablecoin industry.
The Senate needed 60 votes to take the bill forward and submit it to the full Senate for a…
