🚨NEW: Just spoke with @BankingGOP Chair @SenatorTimScott, who said political repercussions for Democrats who voted against moving forward with the GENIUS Act on Thursday will be “painful.” He added that he hopes the inevitable backlash from the #crypto industry encourages them to realign and help get the bill passed.

Scott voiced frustration with the bill’s Democratic co-sponsors, Sens. Gillibrand and Alsobrooks, who ultimately voted no despite Republicans making “major concessions”—including revisions to anti-money laundering rules, a shortened timeline for stablecoin issuers to become U.S.-based, and enhanced national security safeguards.

“If you can get so much of what you want, and you still can’t say yes, I don’t get it,” he said.

Going forward into next week and beyond, Scott remains hopeful that Democrat lawmakers and the two Republican holdouts (Hawley and Paul) will recognize the broader implications of how a lack of access to stablecoins undermines financial inclusion and innovation.

“I'm hoping that once they take a look at what they've done, they'll come to the decision that it’s worth coming back to the drawing board and getting it done.”