4 hours ago
The Senate denied the question to invoke cloture connected the question to see the GENIUS Act bill, which aims to modulate stablecoins successful the US.
The determination came with a one-vote difference, arsenic 49 Democrat senators denied the question against 48 favorable votes.
Senate Majority Leader John Thune accused Democrats of utilizing the filibuster for the 4th clip successful 2025, adding that the crushed is unknown.
Thune said:
“This is simply a bipartisan issue. This is simply a bipartisan bill. And it had a bipartisan process from the precise beginning. If the Democrats were funny successful further changes, arsenic they claim, they would person the accidental to marque those changes connected the floor. All they had to bash was ballot for cloture.”
Senator Tim Scott said the motion’s rejection was an obstruction of innovation, claiming that Democrats and Republicans missed an accidental to unite “in an American mode to present existent alteration for Americans.”
Treasury Secretary Scott Bessent stated that the Senate missed an opportunity to supply “American leadership,” which helium deemed indispensable for crypto to thrive globally.
Bessent added:
“This measure represents a once-in-a-generation accidental to grow dollar dominance and US power successful fiscal innovation. Without it, stablecoins volition beryllium taxable to a patchwork of authorities regulations alternatively of a streamlined national model that is much conducive to maturation and competitiveness.”
Senator Cynthia Lummis shared her discontentment connected an X statement, saying she was “deeply disappointed” by the vote’s result.
She added:
“Make nary mistake, integer assets are the future, and America indispensable pb the way. I privation to convey President Trump, Sen. Gillibrand, Leader Thune, Chairman Scott, and Senator Hagerty for their enactment and unwavering committedness to keeping integer plus companies and jobs onshore.”
GENIUS Act temporarily delayed
Galaxy Digital caput of probe Alex Thorn said the “hope is that a caller mentation of the measure volition beryllium introduced arsenic soon arsenic Monday to effort again.”
Digital Chamber caput of authorities affairs Taylor Barr said the denial of the cloture question is not the end, adding that it doesn’t alteration that “digital assets are present to stay.”
Variant Fund main ineligible serviceman Jake Chervinsky said the determination “isn’t no, conscionable not yet.” He added that determination are galore reasons wherefore the authorities was not passed connected May 8, but much bipartisan enactment tin code these issues.
Solana Policy Institute CEO Miller Whitehouse-Levine echoed the content successful a affirmative result from a bipartisan effort, saying it volition “get the GENIUS Act implicit the decorativeness line.”
The station GENIUS Act stalls successful Senate, lawmakers oculus caller connection adjacent week appeared archetypal connected CryptoSlate.
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