Today the full US Senate failed to pass its first vote re the GENIUS Act stablecoin bill. Initially the vote was 49 in favor and 48 against, but Senate leader Thune then changed his vote to no, to enable the Senate to revisit the legislation at a future date. Republican senators Josh Hawley and Rand Paul voted with the Democrats. The vote was not about the content of the bill but about cloture, or an agreement to avoid endless debate (filibuster) which requires the support of 60% of the senators present.
Democrat Senator Ruben Gallego warned last weekend that Democrats would not vote for cloture on the current version of the stablecoin bill, and today requested postponing the vote until Monday when the bill would be debated.
The Democrat Senator thanked the Republicans for their good faith work in trying to improve the content of the GENIUS Act in the past few days. “The reason you’re hearing some hesitancy is (something of) this scope and importance really cannot be rushed. And we need time, both to educate our colleagues and people.”
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