Republican U.S. Senator John Thune (R-SD), who was elected to become the next Senate Majority Leader, looks on following the U.S. Senate Republicans leadership election, on Capitol Hill in Washington, U.S., November 13, 2024.
- A first-of-its-kind crypto bill failed to advance in the Senate after key Democrats withdrew support.
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A landmark package failed to advance in the Senate on Thursday after key Democrats backed out over the weekend.
Dubbed the GENIUS Act, the bill needed 60 votes to move to the Senate floor for final passage. The final tally was 48 in favor and 49 against. Three senators did not vote.
Following the vote, Treasury Secretary Scott Bessent said, "the world is watching while American lawmakers twiddle their thumbs."
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The GENIUS Act aims to create a regulatory framework for , or digital assets that are pegged to the value of other assets, like the U.S. dollar.
Money Report
But nine key Democrats — — said over the weekend that they would not support the legislation.
Led by Sen. Ruben Gallego, D-Ariz., the Democrats said in a statement that they had with the latest version of the bill. They called for stronger provisions to address "anti-money laundering, foreign issuers, and national security."
The group was comprised of Sens. Mark Warner, Va., Raphael Warnock, Ga., Lisa Blunt Rochester, Del., Catherine Cortez Masto, Nev., Andy Kim, N.J., Ben Ray Luján, N.M., John Hickenlooper, Colo., and Adam Schiff, Calif.
"While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor," the lawmakers
