Original Title: Democrats vote to reject Senate crypto bill
Original Source: POLITICO
Original Translation: BitpushNews
Tennessee Republican Senator Bill Hagerty, the main sponsor of the bill, stated during a Senate speech that voting against the motion is equivalent to "killing the cryptocurrency industry in the U.S., which is too bad." George Walker IV/AP
On Thursday, Senate Democrats voted to reject a procedural motion that would have allowed the Senate to consider a landmark cryptocurrency legislation led by Republicans. This represents a significant blow to Republicans as they seek to push major policy initiatives following their control of both chambers of Congress and the White House.
The Senate voted 48 in favor and 49 against the motion to advance the cryptocurrency bill, failing to meet the required 60-vote threshold, thus blocking the bill. The previous week, Republican supporters and key Democratic opponents engaged in chaotic negotiations. All Democratic senators and three Republican senators—including Rand Paul of Kentucky and Josh Hawley of Missouri—voted against the motion. Democratic negotiators had pushed to delay the vote until next week to allow more time for discussions on potential amendments, but Republican leaders insisted on moving forward with the vote.
Arizona Democratic Senator Ruben Gallego stated, "We need time." He had supported the committee version of the bill and assisted Democratic negotiations this week. He emphasized, "We are not trying to completely terminate the effort, nor do we want to negate all the work we have put in. We want to bring this economy and innovation to the U.S."
This vote is a major setback for Senate Majority Leader John Thune and other Republican supporters of cryptocurrency, potentially jeopardizing broader Republican efforts this year to advance multiple pro-cryptocurrency digital asset legislations. Thune voted against the bill and submitted a motion for reconsideration, which would allow him to bring the bill back to the Senate in the future.
The bill's main sponsor, Tennessee Republican Senator Bill Hagerty, stated during a Senate speech that voting against the motion is equivalent to "killing the cryptocurrency industry in the U.S., which is too bad." He and other Republicans called on Democrats to support the procedural motion to allow for more time for discussions before the final vote.
Thune stated in the Senate on Thursday morning, "If senators want the opportunity to further amend the bill, I encourage them to support the motion to end debate. Once we get into the bill discussion phase, we can publicly discuss amendments in the Senate. We have kept an open process on this bill, so why stop now?"
The bill aims to establish the first regulatory framework in the U.S. for digital tokens pegged to the dollar (known as stablecoins). The bill had previously garnered bipartisan support but faced obstacles over the weekend when nine potential Democratic supporters indicated they did not support the latest version introduced by Republican leaders before the floor vote.
Key Republicans, including Hagerty and Wyoming Senator Cynthia Lummis, held multiple closed-door meetings this week in an attempt to persuade these Democratic opponents and discuss potential amendments that could attract Democratic support. However, negotiations failed to reach a substantive agreement before the vote.
Democratic opponents who did not directly participate in this week's negotiations stated just hours before the vote that they were unaware of the potential agreement's content. Colorado Democratic Senator John Hickenlooper stated, "If I don't know the content of the bill, I won't vote in favor." He had signed a Democratic statement over the weekend, stating that the latest version of the bill was insufficient. "We have gone through multiple versions before, and they said the text contained certain things, but the actual content was not what we expected."
This vote is a victory for Massachusetts Democratic Senator Elizabeth Warren, who has consistently opposed the Republican-led stablecoin bill. She told reporters before the vote, "The only version we have seen is the one put forward by Republicans, which has problems in four major areas." She claimed the bill would "fuel Trump's corruption," threaten national security, undermine consumer protection, and "pose a significant risk of ultimately destroying the U.S. economy."
Democrats who support cryptocurrency stated they remain committed to reaching a workable agreement. Virginia Democratic Senator Mark Warner, one of the key opponents and a major participant in this week's negotiations, stated in a statement, "While we have made substantial progress on the GENIUS Act, the work is not done, and I cannot in good conscience ask my colleagues to vote for an incomplete bill text. I remain fully committed to ensuring the bill is perfected. I plan to continue working with my colleagues to strengthen this legislation to promote innovation while protecting the interests of the American people."
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