Original title: Democrats vote to reject Senate crypto bill

Original source: POLITICO

Original text translated: BitpushNews

Tennessee Republican Senator Bill Hagerty, as the bill's main sponsor, stated during a Senate speech that a vote against the motion is equivalent to 'killing the cryptocurrency industry in the U.S., which is too bad.' George Walker IV/AP

On Thursday, Senate Democrats voted down a procedural motion that would have allowed the Senate to consider the landmark cryptocurrency legislation led by Republicans. This dealt a significant blow to Republicans' first major policy push after gaining control of both the House and Senate and the White House.

The Senate voted 48 in favor and 49 against, defeating the motion to advance the cryptocurrency bill, failing to meet the required 60-vote threshold, and thus stalling the bill. The previous week, Republican supporters engaged in chaotic negotiations with key Democratic opponents. All Democratic senators and three Republican senators—including Rand Paul of Kentucky and Josh Hawley of Missouri—voted against the motion. Democratic negotiators had pushed to delay the vote until next week to allow more time for discussions on potential amendments, but Republican leaders insisted on moving forward with the vote.

Arizona Democratic Senator Ruben Gallego stated: 'We need time.' He had supported the committee version of the bill and assisted in Democratic negotiations this week. He emphasized: 'We are not looking to completely end the effort, nor do we want to negate all the work we've put in. We want to bring this kind of economy and innovation to America.'

This vote is a significant setback for Senate Majority Leader John Thune and other Republican supporters of cryptocurrency, potentially jeopardizing broader Republican efforts to promote multiple pro-cryptocurrency digital asset legislations this year. Thune voted against the bill and submitted a motion for reconsideration, which would allow him to bring the bill back to the Senate in the future.

The bill's main sponsor, Republican Senator Bill Hagerty from Tennessee, stated during a Senate speech that a vote against the motion is equivalent to 'killing the cryptocurrency industry in the U.S., which is too bad.' He and other Republicans urged Democrats to support the procedural motion to allow more time for discussion before the final vote.

Senator Thune said on Thursday morning in the Senate: 'If senators wish to have the opportunity to further amend the bill, I encourage them to support the motion to end debate. Once we get into the bill discussion phase, we can openly discuss amendments in the Senate. We have maintained an open process on this bill, so why stop now?'

The bill aims to establish the first regulatory framework in the United States for digital tokens linked to the dollar (known as stablecoins). The bill had previously received bipartisan support but faced obstacles over the weekend when nine potential Democratic supporters indicated they would not back the latest version introduced by Republican leaders before a floor vote.

Key Republicans, including Hagerty and Wyoming Senator Cynthia Lummis, held multiple closed-door meetings this week in an attempt to persuade these Democratic opponents to discuss potential amendments that could attract Democratic support. However, negotiations failed to reach a substantive agreement before the vote.

Democratic opponents who were not directly involved in this week's negotiations stated a few hours before the vote that they were unaware of the possible contents of an agreement. Colorado Democratic Senator John Hickenlooper said: 'If I do not know the contents of the bill, I will not vote in support.' He had signed the Democratic statement over the weekend, stating that the latest version of the bill was insufficient to support. 'We have gone through multiple versions before, and they said the text contained certain elements, but the actual content was not what we expected.'

This vote is a victory for Massachusetts Democratic Senator Elizabeth Warren, who has consistently opposed the Republican-led stablecoin bill. She told reporters before the vote: 'The only version we see is the one put forward by Republicans, which has problems in four key areas.' She claimed the bill would 'fuel Trump's corruption,' threaten national security, weaken consumer protections, and 'pose a significant risk of ultimately destroying the U.S. economy.'

Democrats who support cryptocurrency stated that they remain committed to reaching a workable agreement. Virginia Democratic Senator Mark Warner, one of the key opponents and a main participant in this week's negotiations, stated in a statement: 'While we have made significant progress on the (GENIUS bill), the work is not done, and I cannot in good conscience ask my colleagues to vote on a bill text that is not yet complete. I am still committed to ensuring the bill is perfected. I plan to continue working with my colleagues to strengthen this legislation to foster innovation while protecting the interests of the American people.'

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