Senator Cynthia Loomis revealed that the US Senate failed to advance the GENIUS Act, which aims to stabilize coins in the country.
In a major development for the crypto industry, the US Senate has failed to advance the GENIUS Act to the House floor after a key procedural vote.
After the corruption allegations against US President Donald $TRUMP , the Democratic senators demanded to amend the bill.
Yet, those senators have now voted 'no', a move that Republican senators claim is politicking.
The GENIUS Act fails to advance to the next stage.
In an X post, Republican and pro-crypto Senator Cynthia Loomis revealed that the US Senate has failed to move forward with the GENIUS Act, which aims to introduce a regulatory framework for stablecoins.
The senator expressed his displeasure, saying he was "deeply disappointed" that he was unable to pass "important bipartisan crafted stablecoin legislation" today.
Senator Tim Scott, chairman of the Senate Banking Committee, blamed Democrats for suffering from "Trump Derangement Syndrome" and playing politics, according to journalist Eleanor Territt. He said
It was a vote against President Trump and President Trump's legislative agenda. Vote to prevent President Trump from winning in the digital asset space. The Trump derangement syndrome has once again hijacked responsible governance in this chamber.
Senator Elizabeth Warren, a Democrat and key member of the Banking Committee, had urged the US Senate to reject the GENIUS Act over allegations of corruption behind Trump's USD1 stablecoin.
In that light, ten US senators who initially voted in favor of the stablecoin bill rejected the act, citing concerns.
He called for an amendment, seeking tougher anti-money laundering and national security laws, which led to a procedural vote to amend the bill.
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