The US Senate has failed the Genius Act stablcons

On May 8, the US Senate did not support the Genius Act stablcons on a key procedural vote. According to Decrypt, the document has not received the required Supporting a number of Democrats to allow him to be considered.

Among those who opposed: Ruben Galiego (Arizona), Mark Warner (Virginia), Lisa Blant Rochester (Pennsylvania), Andy Kim (New Jersey), Kirsten Gillibrand (New York) and Angela Olsbruck (Meryland). It is noteworthy that Gillibrand and Olsbrooks were one of the co -authors of the initiative.

The voting failure significantly reduces the chances of adopting Genius Act. Decrypt estimate, it can also undermine two -party support and slow down the promotion of other cryptocurrency initiatives.

Although the Democrats had previously stated their readiness to support the bill, a week before the vote appeared an updated version of the document with which some of the senators did not have time to read. Some have called for additional refinement.

According to the sources of the publication, nine Democrats have publicly refused to support Genius Act, referring to concerns about the clarified provisions on the fight against laundering funds and risks for national security.

In response, the Republicans held a series of urgent meetings, trying to find a compromise before the final vote.

“Today, the Democrats have decided to play a biased policy. They have proven once again that they do not support innovations and do not put the interests of the Americans in the first place, ”said the Executive Director of the Working Group of Digital Assets Markets Bo Heins.

He previously emphasized the priority of developing a regulatory framework for steiblcoins.

One of the legislators informed Decrypt that Genius Act could be re -voted on May 12, but refrained from the forecasts for the result.

Recall that Standard Charterre estimated the capitalization of steiblcoins at $ 2 trillion by 2028.

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