After GENIUS Stablecoin Bill Stalls, What’s Next for Crypto Regulation in the US?

Partisan politics scuttled the first attempt to get a stablecoin bill passed in the Senate during a procedural vote last week. It remains to be seen if another try will be able to cut through the noise.The GENIUS Act didn’t just fail to get the 60 votes that it needed to shut off debate and move the bill to a final vote. At 49-48, it didn’t even get the 51 votes the bill would need to pass a real vote in the Senate en route to becoming law. The procedural vote, which took place on Thursday, May 9, shows that Republicans couldn’t keep their caucus in lockstep on the bill, to say nothing of wooing back Democrats.“I'm very disappointed that the bill didn't move forward in the Senate,” Matt Hougan, CIO of Bitwise, told The Defiant via email. “I'm hoping Washington can get its act together and figure out a way to move it forward. Stablecoins are an easy win, and should pass the Senate 100-0.”To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io