Not so stable GENIUS gets stumped

A Senate Republican effort to force Democrats’ hand on stablecoin reform faced bipartisan opposition Thursday afternoon, falling far short of the 60 votes needed to move ahead.

Senators voted 48-49 against invoking cloture on a motion to proceed on the GENIUS Act. Democrats were joined by Republican Sens. Josh Hawley (Mo.) and Rand Paul (Ky.) in opposition.

This is the crypto industry’s first significant loss of the 119th Congress, and it will sting.