Senate Filibuster Stalls Major Cryptocurrency Bill Again

Clear Facts

• Senate Democrats used the filibuster to block the bipartisan GENIUS Act, a major cryptocurrency bill, for the fourth time since Republicans took control of the Senate.
• Despite bipartisan support, the bill failed to advance due to a lack of the necessary 60 votes, with Democrats citing insufficient time and lack of access to the bill’s text as reasons for their opposition.
• Republican leaders criticized Democrats for obstructing the bill, accusing them of prioritizing political motives over legislative progress.

In a recent Senate session, Democrats once again employed the filibuster to halt progress on significant bipartisan legislation concerning cryptocurrency. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which aimed to establish a regulatory framework for stablecoins, was blocked in a procedural vote, falling short of the 60 votes needed to move forward.

This marks the fourth instance of Democrats using the filibuster since Republicans gained control of the Senate in January. Notably, former Presidents Joe Biden and Barack Obama have previously criticized the filibuster, labeling it a “relic of the Jim Crow Era.” Despite this, Senate Democrats have continued to leverage the rule, even after attempting to eliminate it in early 2022.

The bipartisan nature of the GENIUS Act was underscored by the fact that five Senate Democrats had initially supported its advancement out of committee. However, the final vote saw all Senate Democrats opposing the bill, with Republican Senators Josh Hawley and Rand Paul joining them due to concerns over Big Tech’s role in the crypto industry.

Senate Majority Leader John Thune, who initially voted in favor of the bill, changed his vote to no and filed a motion to reconsider. This move allows for the possibility of reintroducing the bill on the Senate floor. Thune expressed his frustration, 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.”

Senate Banking Committee chairman Tim Scott echoed Thune’s sentiments, accusing Democrats of obstructing the bill to prevent President Donald Trump from achieving a legislative victory. “It was a vote against President Trump and President Trump’s legislative agenda,” Scott declared. “Trump Derangement Syndrome has once again hijacked responsible governance in this chamber.”

In defense of their actions, Senate Democrats argued that they had not been provided with the final text of the bill, leading to their decision to block its advancement. “How can you vote for a bill when you haven’t seen the text,” questioned Senator Chuck Schumer. Democratic Senator Ruben Gallego added that Republicans had not allowed sufficient time for Democrats to reach a “yes” on the GENIUS Act.

Despite the setback, the debate over the GENIUS Act highlights the growing influence of the cryptocurrency industry in Washington and the ongoing political tensions that continue to shape legislative outcomes.

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