WASHINGTON — The Senate advanced a major cryptocurrency regulation bill Monday on a bipartisan vote two weeks after every Senate Democrat united to block it.
Sixteen Democrats voted with the majority of Senate Republicans to advance the bill.
The bill needed to cross the 60-vote threshold to advance to final passage in the Senate, where Republicans hold a three-seat majority.
Senate Minority Leader Chuck Schumer, D-N.Y., convened a caucus-wide call Sunday night to discuss the GENIUS Act.
If the Senate ultimately passes the GENIUS Act, its future is less clear in the House, where there is a different bill to regulate stablecoin issuers.
WASHINGTON— Two weeks after all Senate Democrats banded together to block it, the Senate advanced a significant cryptocurrency regulation bill on Monday in a bipartisan vote.
In the GENIUS Act’s procedural vote, the first regulatory framework for stablecoin issuers—digital tokens linked to fiat currencies like the U.S. S. The dollar was 66-32. The bill was advanced by 16 Democrats voting with the majority of Senate Republicans. Senate Republicans, two. Kansas Senator Jerry Moran and Kentucky Senator Rand Paul voted against it.
Republicans have a three-seat majority in the Senate, and the bill needed to receive 60 votes to move on to final passage.
The legislation’s passage was made possible by Democratic support after a group of bipartisan negotiators — Sens. R-Wyo Cynthia Lummis and R-Tenn Bill Hagerty. D-Va.’s Mark Warner. Gillibrand, Kirsten, D-N. Y. Alsobrooks, D-Md. Angela. ; and D-Ariz Ruben Gallego. — came to an agreement late last week on a bill amendment that addressed major Democratic areas of contention.
Democratic negotiators circulated the amendment over the weekend, and NBC News has obtained it. It would extend ethics standards to special government employees, including tech entrepreneur David Sacks and Elon Musk, and it would impose new restrictions on tech companies issuing stablecoins.
Multiple sources familiar with the negotiations said that Democrats involved in the negotiations said they have pledged to support the GENIUS Act even if the amendment fails in exchange for a vote on the amendment.
Although Senate Republicans have been hesitant to support the amendment, the revised revisions are probably going to win over more Democrats than the main group negotiating the amendment.
Two weeks ago, Democrats and two Republicans — Senators — blocked the bill. The bill was halted by Josh Hawley of Missouri and Rand Paul of Kentucky, who insisted on stricter anti-money laundering and national security measures.
John Thune (R-S), Senate Majority Leader. A. pointed out that no changes have been made to the underlying bill that Democrats blocked two weeks ago and chastised his colleagues on the other side of the aisle for postponing the vote.
Thune stated on Monday that he expects the Senate to not vote on final passage before it departs for the Memorial Day recess, saying, “It’s really hard to understand why we needed to wait an additional 11 days for Democrats to finally agree to move.”.
Democrats’ worries have been heightened by the Trump family’s cryptocurrency transactions with World Liberty Financial and President Donald Trump’s dinner for the leading meme coin holders. Unlike stable coins, meme coins usually get their value from online culture rather than from an underlying asset or utility. However, the negotiated amendment contains no clauses that would stop Trump and his family from carrying on with their cryptocurrency endeavors.
“Prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service,” according to a clause in the bill text. “”.
According to some Democrats, it must be more powerful.
Sen said, “Basic flaws remain unaddressed.”. The D-Mass is Elizabeth Warren. said on the Senate floor Monday, the top Democrat on the Banking Committee. Congress shouldn’t decide to condone the shocking corruption of the president. “”.
In an effort to stop the president from possibly making money off of the transactions, a number of Senate Democrats have also introduced legislation that targets the Trump family’s cryptocurrency endeavors.
Sen. D-Colo’s Michael Bennet. intends to propose the STABLE Act as an amendment to the GENIUS Act, for instance, which would prohibit federal candidates and elected officials from issuing or endorsing digital assets.
Democrats are expected to push for votes on those bills this week, but the GOP-controlled chamber is unlikely to give them much traction.
Chuck Schumer, D-N, is the Senate’s minority leader. Yep. called a caucus-wide meeting on Sunday night to talk about the GENIUS Act. According to a person familiar with her remarks, Warren expressed her worries regarding the bill during the call.
Warren and other Democrats stated that they could not support the bill unless it included more robust measures to curb Trump’s ability to profit from digital assets. Warner, on the other hand, contended that Congress could no longer ignore the rapidly changing cryptocurrency market.
In a statement released Monday, Warner, who voted in favor of the GENIUS Act, said, “I am among many senators who have very real concerns about the Trump family’s use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans.”.
Blockchain technology is here to stay, but we can’t let that corruption make us lose sight of the bigger picture. “Others will shape it if American lawmakers don’t, and not in ways that serve our interests or democratic values,” he continued.
There is another bill to regulate stablecoin issuers in the House, so its future is less certain if the Senate passes the GENIUS Act. Proponents of cryptocurrency contend that legislation governing the regulatory treatment of digital assets and digital asset securities should be passed by Congress.
“Americans who want to make payments more quickly and easily will benefit if Congress passes this bill,” stated Kara Calvert, vice president for public policy at cryptocurrency exchange Coinbase. “Passing this bill is a win for them because it’s transformative technology.”. Not just the business or a political candidate benefit from it. “.”.
