Senate to try again to advance crypto bill after Democratic opposition tanked first vote

Washington — The Senate is expected to take a key procedural vote Monday evening on a crypto regulation bill after Democratic opposition tanked an initial attempt to advance the measure earlier this month amid concern over ties between the digital asset industry and the Trump family.

The first-of-its-kind legislation, known as the GENIUS Act, would create a regulatory framework for stablecoins — a type of cryptocurrency tied to the value of an asset like the U.S. dollar. After the measure advanced out of the Senate Banking Committee with bipartisan support in March, Senate GOP leadership first brought the measure to the floor earlier this month. But the measure had lost Democratic support in the intervening weeks amid concerns about President Trump and his family's business ventures involving cryptocurrency. 

Senate Majority Leader John Thune said the upper chamber would try again to advance the legislation on Monday, while criticizing Democrats for blocking the measure from moving forward earlier this month, saying "this bill reflects the bipartisan consensus on this issue, and it's had an open and bipartisan process since the very beginning."