A bill aimed at establishing a payment framework did not clear significant obstacles in the Senate on Thursday, following several Democrats’ decisions to oppose its progression.
The Senate voted 48-49 on whether to end the debate regarding the motion to advance the Genius Act.
Democrats who had previously backed the Genius Act withdrew their support over the weekend after Republican leaders attempted to expedite the legislative vote.
A senator criticized the Republicans for prematurely ending negotiations, claiming that the most recent bill lacked sufficient protections against money laundering and national security concerns, among other issues.
Both parties had been negotiating for several days and had received various reports about the transaction. However, Senate Democrats stated on Thursday morning that they had yet to review the new bill’s text.
Sen. Ruben Gallego (D-Ariz.), a prominent Democrat on the Senate Bank’s Digital Assets Subcommittee, asked for unanimous consent to postpone the votes until Monday, allowing lawmakers more time.
“We made some good progress last week,” Gallego mentioned on the Senate floor before Thursday’s vote. “We really appreciate the bipartisan work we’ve accomplished.”
“The concerns you’re hearing indicate that this legislation is of a significant scope and importance; rushing it isn’t ideal, and it’s crucial to inform colleagues and the public,” he continued. “We haven’t stalled, and we don’t intend to.”
“We aim to facilitate this innovation and economic growth in the United States. I’m looking for that time,” he reiterated. “I want to emphasize that there are members across the aisle who wish to see this successfully pass.”
His request was ultimately denied, and the Senate proceeded with the vote.
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