Yesterday marked a major setback for the cryptocurrency industry as the senate crypto bill vote results have failed to advance. The GENIUS Act failed to secure the 60 votes required to advance to a final vote Only 49 senators favored the continuation of the legislation, leaving the crypto industry without the long-anticipated regulatory framework

Key-Takeaways:

• The GENIUS Act stablecoin bill failed to receive the 60 Senate crypto bill vote results required for passage, passing with only 49 senate votes.
• Democratic support diminished in some part due to concerns about President Trump’s cryptocurrency ventures and a reported $2 billion Binance-linked investment
• Two Republican senators who broke ranks and voted with Democrats against helping the bill to move forward, revealing cracks in what was expected to be bipartisan support.
• Despite spending more than $119 million to back crypto-friendly candidates, the cryptocurrency industry still failed to pass legislation in senate crypto bill votes that many believed was assured.

What Happened in the Senate?

The Thursday senate crypto bill vote results was a critical one for cryptocurrency regulation in the United States. The bill sought to establish rules that would guide stablecoins – digital tokens whose value is pegged to the U.S dollar. Even though there had been previous bipartisan support at committee levels, but the final push for approval was lacking. Two Republican senators, Josh Hawley and Rand Paul, teamed up with Democrats to resist the bill’s progress.

Senate Majority leader John Thune was unhappy after the senate crypto bill vote results. He denounced Democrats over what he described as undermining what could have been a bipartisan achievement supported by the White House Thune stressed that floor bills were not final and that perhaps amendments might have handled aspects of the bill later in the process.

Democratic Concerns Grow

Senator Mark Warner—an early supporter of the bill provisions in the Senate Banking Committee – switched sides. Warner said he could not call on his colleagues to vote for unfinished legislation. Several previously supporting Democrats cited Republican unwillingness to toughen the bill provisions pertaining to foreign stablecoin problems.

The Democrats’ concern level has grown recently after new developments in President Trump’s cryptocurrency ventures. Last week Trump’s World Liberty Financial said that its stablecoin would back a $2bn investment in Binance by an Abu Dhabi firm. This link between presidential business interests and regulation of cryptocurrency had the lawmakers on red flags.

Impact on the Crypto Industry

This legislative lapse is a major set back to cryptocurrency champions. The industry has put large investments in the field of political influence, contributing more than $119 millions to lobby pro-crypto candidates in the last elections. The industry leaders had strived to place cryptocurrency regulation as a bipartisan affair that could bridge gaps on political fronts.

Stablecoins have experienced rapid growth in relevance within the world of cryptocurrency. These tokens are commonly utilized by traders to transfer funds from one to another for different cryptocurrencies. Proponents contend that stable coins might change the face of the payment systems by making the transfers immediate. Until new political problems made themselves evident, analysts were optimistic that the stablecoin legislation would pass this year.

Conclusion: Senate Crypto Bill Vote Results

Cryptocurrency regulation keeps unclear as the senate crypto bill vote results of anti money laundering issues and issues related to foreign stable coins. Senate leaders need to decide whether regulating legislation should be rewritten or wait for a politically positive atmosphere because of the senate crypto bill vote results and of lack of regulatory clarity from industry investments.