The Genius Act failed to receive the required two-thirds support.
Debate for the GENIUS Act ended on Thursday as a potential legal framework for a form of cryptocurrency known as stablecoins was voted down. Support for the measure did not meet the 60-vote threshold necessary to move the bill to its final approval. Senate Majority Leader John Thune opted to vote no so that he could bring the measure back to the floor at a later date.
“We’ve made some great progress over this past week,” Senator Ruben Gallego said on the floor before the vote. “I greatly, greatly appreciate the work that we’ve done in a bipartisan manner.”
“The reason you’re hearing some hesitancy, the legislation of this scope and importance really just cannot be rushed, and we need time both to educate our colleagues and people,” he added. “We’re not shutting down. We don’t want to shut this down to the point where we’re ending all this work that we have put into it.”
“We want to bring this economy and this innovation to the United States, and I’m asking for that time,” the Senator from Arizona continued. “I want to be clear that you do have enough members across the aisle that want to see this pass in a good manner.”
As the Lord Leads, Pray with Us…
- For discernment for Senator Gallego as he advocates for time to craft guidelines for stablecoin regulation.
- For Senate Majority Leader Thune to receive God’s guidance as he oversees the Senate.
Sources: The Hill, Fox Business, Reuters
