The crypto industry is striking an optimistic tone on the future of digital asset legislation, even after Democrats blocked the Senate from moving forward with consideration of a stablecoin bill Thursday.
The GENIUS Act, which would create a regulatory framework for payment stablecoins, was voted down 48-49, falling short of the 60 votes needed to bring the bill closer to final passage.
The vote was split almost entirely along party lines, after a dispute ruptured Democratic support for the bipartisan bill.
“It’s gonna live to fight another day,” Kara Calvert, vice president of U.S. policy at Coinbase, told The Hill.
“Would I have liked to see the vote pass? Absolutely. Would that have made the day better? Absolutely. But I didn’t walk away thinking this bill is going to die or this issue is going away,” she added.
A contingent of crypto-friendly Democrats pulled their support for the GENIUS Act, after Senate leadership moved to expedite a vote on the legislation last week.
The two sides engaged in several frantic days of negotiations and appeared to be nearing a deal Thursday. However, several Democrats said they had yet to see new bill text prior to the vote.
After the motion failed, Senate Majority Leader John Thune (R-S.D.) changed his vote to no in a procedural move that allows him to bring the measure up again.
Cody Carbone, CEO of crypto advocacy group The Digital Chamber, described Thursday’s vote as a “setback” but argued it is “far from a defeat,” noting that leadership left open the door to reconsider the bill.
“Last-minute negotiations prove the momentum is real, and that lawmakers on both sides understand the urgency,” Carbone said in a statement.
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