Major crypto bill fails key vote

Source: Axios

Updated 2 hours ago


An early Senate vote to move forward on crypto legislation failed Thursday afternoon — a blow to bipartisan efforts to regulate stablecoins.

Why it matters: It is an early, procedural vote. But Democrats have been fighting hard for changes and tried unsuccessfully to get Republican leaders to delay the vote.

The final tally was 48 to 49.

Two Republicans, Missouri's Josh Hawley and Kenyucky's Rand Paul, joined Democrats in voting no.

Jut a week ago, the bill looked likely to sail through with easy bipartisan support. But following a heated Democratic lunch, everything fell apart resulting in Thursday's damning vote.

Catch up quick: Key Senate players have been meeting all week, trying to land a deal to appease Democrats.

Senate Republicans reviewed Democrats' proposed changes to the GENIUS Act, with Majority Leader John Thune (R-S.D.) and Sen. Mark Warner (D-Va.) negotiating up until the last minute.

But as of early Thursday afternoon, senators had yet to see the new legislation.

Between the lines: Democrats - and some Republicans -.argued they were not given time to look at the final text before the vote.

Read more: https://www.axios.com/2025/05/08/senate-vote-stablecoint-crypto-genius-act