May 8th failed to succeed in the United States Senate move on The long -awaited Genius Law, which creates clear rules for stable. The bilateral -support bill was critical, giving the US a strong support point for regulating digital assets.
A vote On Thursday only 49 senators Voted to move forward The full vote of the bill, falling below 60 votes necessary to terminate the official debate on the bill. Namely, two Republican senators – Senator Josh Hawley and Senator Beach Paul – voted – along with Democrats, for the move forward.
Democrats who had ever supported Genius ActHe gave up their support after the media announced united President Donald Trump to a new cryptocurrency project. The company is believed to be related to the Trump family World Liberty Financial, introduced its stable two months earlier, USD 1 and offset $ 2 billion investment from the United Arab Emirates.
It raised the red flags. Democrats accused Trump shaped public policy for his financial benefits. Senator Elizabeth Warren, the leading voice of the Senate Banking Committee, said the Genius Law, approved last week, was not serious defense measures against money laundering, foreign interventions and conflicts of interest.
He believes that the bill would delete the path he called “cryptocurrency corruption” and can be used to hide corrupt financial practices for innovation.
Ten democratic senators previously changed their votes to support the bill. They called for stricter money laundering rules and national security protection. They voted their votes against the draft bill if these changes could not be allowed.
Republicans accuse Democrats of driving off the stable bill of
The Republicans quickly introduced the Democrats. Senator Tim Scott, a senior member of the Banking Committee, said that Democrats would allow his Animus to move towards President Trump.
He called it “Trump's disturbance syndrome” and said that the Democrats were going so far as to damage the US digital future to prevent Trump beating.
Crypto-Republican Senator Cynthia Snow said He was ”deeply disappointed“According to the result. He said it had been a significant bilateral bill that had been thoughtfully designed to regulate stableoins, to protect consumers and to compete in the US.
In the XI post, Senator Bill Hagerty, who introduced the bill, announced that the Democrats simply gave the CCP a unilateral American command in the digital asset because they are afraid of their party's far left radicals.
Congress' collapse is progressing in a stable framework
John Thune, the majority leader of the Senate, said he would offer a proposal to reconsider the bill next week. This means that the Genius Law could come to a new debate. However, it is not clear whether the current political climate will allow survival in the second round.
The bill had initially ended as the final vote by May 26. This would have been the first significant US cryptocurrency regulation if it was accepted – this is an industry milestone.
Now the whole process can start all over again. The bill may return to the level of the committee. At that point, legislators would probably try to reintroduce trust and a new balance.
Another high -level cryptocurrency had recently driven off the rails Maxine Waters, a representative of a powerful Democrat, who described the plan as “Trump's Corruption Hidden”.
This is the turning point of the US crypto policy. Crypturulation became a political battlefield during the 2024 presidential competition. The aftermath of the vote suggest that digital assets are almost certainly controversial, drawn deep lines and make more than a small political math.
Main difference wire: Secret tool crypto projects use guaranteed media coverage
