On May 8, the US Senate failed. I’ll move forward A long-standing genius method of creating clear rules for stablecoins. The bipartisan support bill was important in giving the United States a strong foothold in digital asset regulation.
in Vote On Thursday, there were only 49 senators. I voted to move forward The bill has voted completely and has not reached the 60 votes required to formally end discussions about the bill. In particular, two Republican senators — Sen. Josh Hawley and Rand Paul — opposed to moving forward the bill alongside Democrats.
Democrats who once supported him Genius actMedia reports retracted their support after linking President Donald Trump to a new cryptocurrency project. The company believed to be linked to Trump’s family, World Liberty Financial, introduced Stablecoin two months ago, and launched USD1, earning a $2 billion investment from the United Arab Emirates.
This was a red flag. Democrats accused Trump of shaping public policies for his economic interests. Senator Elizabeth Warren, the leading voice of the Senate Banking Committee, said the Genius Act, approved last week, had no serious safeguards to prevent money laundering, foreign interference and conflicts of interest.
She believes the bill will clear the path to what she calledCryptocurrence“And that can be used to hide corrupt financial practices in the name of innovation.
Ten Democrats have previously switched votes in support of the bill. They sought stricter money laundering rules and national security protections. They voted against moving the bill forward when they couldn’t promise those changes.
Republicans accused Democrats of derailing the Zero Coin bill
Republicans quickly seized the Democratic reversal. Sen. Tim Scott, a senior member of the Banking Committee, said Democrats are allowing Animus to make progress towards President Trump.
He called it “Trump Shrinkage Syndrome” and said he would go to prevent Democrats from damaging the US digital future and gaining what Trump imagined was a victory.
Pro-Crypto Republican Sen. Cynthia Ramis I said she was “I was deeply disappointed“Depending on the outcome. She said it was a key bipartisan bill thoughtfully designed to regulate the stupidity, protect consumers, and help the US stay competitive.
In a post on X, Senator Bill Hagerty, who introduced the bill, said Democrats unilaterally handed over American leadership abilities in the digital asset industry to the CCP because they feared extremists on either side of the party.
Congress loses progress in the Stablecoin framework
Senate majority leader John Toon said he would propose a motion to reconsider the bill next week. That means that genius acts could possibly appear for another argument. However, it is unclear whether the current political situation will allow them to survive the second round.
The bill was originally scheduled to have a final vote by May 26th. This was the first significant US cryptocurrency regulations and an industry milestone if passed.
This may mean that the entire process has to start over again. The bill can return to committee level. At this point, lawmakers will likely try to reintroduce trust and a new balance.
Another famous person Cryptographic proposal It was recently I’ve gone off track By Representative Maxine Waters, a powerful Democrat who described the plan as “corruption of Trump in disguise.”
This is a turning point for our crypto policy. Cryptocurrency became a political battlefield in the 2024 presidential election. The aftermath of the vote suggests that digital assets laws are almost certainly controversial, with deep boundaries drawn and a bit of political mathematics.
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