A pro-cryptocurrency bill supported by Treasury Sec. Scott Bessent was defeated in a procedural vote in the Senate on Thursday.
The GENIUS bill would have created a new regulatory framework for digital coins and had been negotiated with Democrats. However, they turned on it at the last second. The bill needed to garner 60 votes to continue in the Senate but failed on a largely partisan basis with all Democrats voting against it.
‘The Senate missed an opportunity to provide that leadership today.’
Forty-eight senators voted in favor of the bill, and 49 voted against it.
Republican Senate Majority Leader John Thune of South Dakota blasted Democrats for what he said was simply an effort to stonewall President Donald Trump.
“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, which of course makes you wonder if this is about the bill at all or if it’s simply Democrats obstructing because they want to deny Republicans or President Trump a bipartisan win,” Thune said.
“Now, given the fact that Democrats keep moving the goalposts, it’s hard not to suspect that is the case,” he added.
Democrat Sen. Ruben Gallego of Arizona put the blame on Republicans.
“The Republicans killed it because my colleagues don’t have enough time to read the changes that we have been proposing,” he said.
Bessent warned that defeating the bill would give foreign competitors a leg up on the U.S. in the crypto field.
“Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore,” he said.
“For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act,” Bessent added.
“This bill represents a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation,” he concluded. “Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework that is more conducive to growth and competitiveness.”
Tech website Gizmodo reported that the regulatory framework to be set up by the bill was favored by cryptocurrency enthusiasts because it was weak and encouraged more investment.
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