Democrats Block Cryptocurrency Bill Amid Senate Tensions

Clear Facts

• Senate Democrats used the filibuster to block the bipartisan GENIUS Act, a cryptocurrency regulation bill, for the fourth time since Republicans gained control of the Senate.
• The filibuster, criticized by Democrats as a “relic of the Jim Crow Era,” requires 60 votes to advance legislation, but the vote on the GENIUS Act fell short at 48 to 49.
• Democrats cited lack of access to the bill’s text as a reason for their opposition, while Republicans accused them of obstructing to deny a legislative win to President Trump.

In a move that has drawn significant attention, Senate Democrats once again employed the filibuster to halt progress on the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This marks the fourth instance since the GOP took control of the Senate in January that Democrats have resorted to this procedural tactic, which they have previously campaigned against.

The vote concluded with a narrow margin of 48 to 49, falling short of the 60 votes needed to advance the legislation. The GENIUS Act aimed to establish a regulatory framework for stablecoins, a type of cryptocurrency pegged to assets like the U.S. dollar.

Despite the bill’s bipartisan support, all Senate Democrats voted against it. This decision comes even after five Democrats had initially supported advancing the legislation out of committee. Republican Senators Josh Hawley and Rand Paul also opposed the procedural vote, citing concerns over Big Tech’s influence in the crypto industry.

Senate Majority Leader John Thune expressed frustration with the Democrats’ actions, stating, “If Democrats were interested in further changes, as they claim, they would have had the chance to make those changes on the floor — all they had to do was vote for cloture.”

Thune further criticized the Democrats, questioning their motives: “I don’t know why you vote against proceeding to a bill on the floor after you voted to refer that same bill to the floor – as a number of Democrats, as I just said, did, coming out of the Banking Committee.”

Senate Banking Committee Chairman Tim Scott echoed these sentiments, accusing Democrats of blocking the bill to prevent a legislative victory for President Trump. “It was a vote against President Trump and President Trump’s legislative agenda,” Scott remarked.

In defense of their stance, Senate Democrats argued that they were not provided with the bill’s text in time. Senate Minority Leader Chuck Schumer stated, “How can you vote for a bill when you haven’t seen the text.”

Democratic Senator Ruben Gallego of Arizona added, “All I asked was to move this to Monday, it would have kept the same timetable.”

Republican Senator Cynthia Lummis expressed her disappointment with the Democrats’ decision, stating, “They’re [Democrats are] in a bad mood… They’re throwing the monkey wrenches and everything.”

As the debate continues, the future of the GENIUS Act remains uncertain, with both parties entrenched in their positions.

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