The crypto-friendly brilliant act fails to a key vote of the Senate as a defect of DEMS

In a rare event that can only last one week, Democrats in the Senate showed some spine and voted an important procedural vote for the Law on Genius, a bill that will establish a (very weak) regulatory framework for the use of colds. The bill was expected to be tire-speaking, given the number of crypto-thorough DEMs in a cause, but now it will have to return to the drawing board before reappearing a vote, which again, which again, which again, which again, which again, which again, which again, which again can happen as early as next weekS

The bill ultimately failed to vote for ruining on Thursday, achieving only 48 Out of the required 60 votes that would formally end the bill for the bill and allowed him to move to full vote. It is expected before the vote that enough Democrats will cross the path and vote in favor of moving the bill, according to Reporting from the American perspectiveS But the democratic senators, who are members of the cryptocurrency-Ruben Galego, Mark Warner, Lisa Blunt Rochester, Andy Kim, Kirsten Jilibrand and Angela Elisruk (co-sponsor of the bill) voted not to conclude the debate.

The change of heart from DEMS-who again can easily change the course and pass this thing next Monday-is appearing to overcome partly concerns about the growing crypto empire of Donald Trump, which included recently launched Stablecoin called $ USD earlier this year. This Stablecoin was recently in the news as an investment company in Abu Dhabi announced that he would use $ US1 to invest $ 2 billion for cryptocurrency exchangeBy creating at first sight An endless network of conflicts of interest with the president in the center.

After this message, along with some unexpected changes made to the Republican bill, without including the Democrats in the conversation, led to the failure on Thursday. Decrypt reports The fact that both sides meet many times in 24 hours leading to the vote in the hope of arranging their differences, but could not reach an agreement in time. After a vote is expected to “Yes”, the Republican in Arizona Ruben Galego explained“Republicans killed him because my colleagues do not have enough time to read the changes we offer.”

Senator Warner clearly signal That the plan still has to go through this thing, only with some changes. In a statementHe said, “Stagues are undoubtedly part of the future of finance and the United States must set the standard of responsible innovation in digital financial space.” He also said he remained “fully committed” to accept him after he and his colleagues are able to “strengthen this legislation.”

If the bill passes, it will establish some very light provisions for the issuance of the stability that must be attached to the fiat currency and used to facilitate transactions. The bill will determine the standards of capital and liquidity requirements, establish compulsory audits and make the interns of the issues subject to compliance with the requirements for money laundering of the Banking Law. And although this may be better than nothing, it is also a major Exactly what did crypto operators lobbyS

The bill is also taking zero steps towards banning civil servants not to win stable, which suddenly became an urgent question as the president revenue from the service. Trump and his family are reported made $ 2.9 billion from your cryptocurrencies So far, there is nothing at the moment that prevents its continued to win from the mostly unregulated industry, for which its administration is currently defining the standard.

It is reported, AxiosBut it is unclear whether this will be a real interruption or whether DEMS will be folded. We will find out next week whether this newly discovered spine will stay over the weekend.