Last night the Senate approved a procedural vote for the GENIUS Act for stablecoins, with 66 voting in favor, 32 against and two abstentions. Sixteen Democrats supported the vote, led by Senators Gillibrand, Alsobrooks, Gallego and Warner. The same vote failed on 8 May.
The vote was about cloture, or an agreement to avoid endless debate (filibuster) which requires the support of 60% of the senators present. A full senate vote is still needed to pass the bill itself.
Democrat Senator Andy Kim supported the bill at the Banking Committee level, but did not support cloture last night. On video he can be seen discussing the draft with fellow Democrat Senator Kirsten Gillibrand. It appears there’s still work to be done for Democrat support in the final vote as Senator Gillibrand was seen having a strident discussion on the floor with Republican bill sponsor Senator Bill Hagerty. She was also on the receiving end of comments from Senator Warren.
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