Senate overcomes key hurdle to pass crypto bill
With bipartisan support, the Senate took an important step forward on legislation that seeks to regulate stablecoin cryptocurrencies.
Why it matters: The procedural vote is a win for GENIUS Act backers after partisan fights and ethics concerns about the Trump family's crypto ventures derailed a vote earlier this month.
The final vote to start debate on the bill was 65 to 32.
Democratic Sens. Mark Warner (D-Va.), Kirsten Gillibrand (D-N.Y.), Ruben Gallego (D-Ariz.) and others voted to move forward.
What to watch: Majority Leader John Thune (R-S.D.) told reporters Monday that he did not think that there would be an agreement to expedite the process toward passing the bill this week.
Expect there to be continued floor speeches and fights over potential amendment votes in the coming days and weeks.
Between the lines: The Trump family's stablecoin ventures — especially the recent $2 billion crypto deal with Abu Dhabi's sovereign wealth fund — sparked outrage among Democrats and complicated what had been bipartisan support for the bill.
Warner argued in a statement that despite "concerns about the Trump family's use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit," senators "cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay."
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