On Thursday, a group of mostly Senate Democrats derailed a cryptocurrency regulation bill backed by the Trump administration, at least for the time being.
The GENIUS Act failed to advance in a 48-49 vote, with Sens. Rand Paul (R-KY) and Josh Hawley (R-MO) joining Democrats in opposing the legislation. It needed 60 votes to bypass the procedural hurdle.
Senate Majority Leader John Thune (R-SD) reportedly switched his vote to “nay” in a move that allows future reconsideration.
The legislation seeks to create a framework for stablecoins, which are significant in digital asset exchanges and pegged to stable assets such as the U.S. dollar.
Democrats, some of whom had previously supported the legislative push, relayed concerns about protections for consumers and President Donald Trump’s crypto ties. They also claimed Republicans rushed the vote without finalized text.
“Senate…
