Senate Democrats block first-of-its-kind bill regulating cryptocurrency amid concerns over Trump’s crypto dealings
CNN
Senate Democrats blocked a first-of-its-kind bill aimed at regulating cryptocurrency in the US amid Democratic concerns over President Donald Trump’s cryptocurrency dealings.
Senate Democrats blocked a first-of-its-kind bill aimed at regulating cryptocurrency in the US amid Democratic concerns over President Donald Trump’s cryptocurrency dealings. The vote came after months of intense negotiations between Democrats and Republicans. The final tally was 49-48, with GOP Sens. Rand Paul and Josh Hawley joining Democrats to vote against advancing the bill. The bill, dubbed the GENIUS Act, focused on what is known as “stablecoin,” a digital currency tied to the value of a specific asset — in this case the US dollar. The push for the bill represented a rare bipartisan effort in the Senate for major legislation. But while there is general agreement across the Senate that regulation is necessary, key Democrats ultimately balked at moving ahead after demanding changes to the legislation. After it became clear that Senate Republicans planned to put the bill on the floor this week, nine Senate Democrats who had been open to backing the bill penned a letter last Saturday saying they needed further changes to the legislation, beyond addressing concerns over Trump’s crypto dealings, before they could vote to advance it. “The bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements,” they wrote.
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