Legislation to establish a framework for payment stablecoins hit a roadblock in the Senate on Thursday, as several Democrats voted against advancing the bill.
The Senate voted 48-49 on a motion to proceed with the GENIUS Act, falling short of the 60 votes needed to move forward.
Senate Majority Leader John Thune (R-S.D.) changed his vote from yes to no as a procedural tactic, allowing the possibility of revisiting the measure.
Over the weekend, Senate Democrats who had initially supported the GENIUS Act withdrew their backing after Republican leaders attempted to fast-track the vote.
The Democrats accused Republicans of prematurely ending negotiations, citing that the latest bill version lacked adequate provisions on anti-money laundering, national security, and other critical issues.
