BREAKING: The US Senate has rejected the Cryptocurrency-Friendly GENIUS Act! Here are the details.

The US Senate has put to a vote the GENIUS Act, a stablecoin bill expected to shape the future of the crypto sector. However, the bill was rejected with 48 “yes” votes and 49 “no” votes.

Senator Cynthia Lummis expressed her disappointment in a statement following the vote:

“Today, I am deeply disappointed that we could not pass this important stablecoin legislation prepared through the joint efforts of the two parties. Digital assets are shaping the future of the financial world, and America must be a leader in this field. I thank President Trump, Senator Gillibrand, Leader Thune, President Scott, and Senator Hagerty for their commitment to keeping digital asset companies and jobs in our country. We must continue to advance the regulations that will maintain America’s dollar dominance and make our country the crypto capital.”

Democratic Senator Mark Warner (Virginia) stated in a separate statement that the content of the law has not yet been finalized, emphasizing the following:

“Stablecoins undoubtedly have a place in the future of finance. The US should set the standard for responsible innovation in this area. We have made significant progress with the GENIUS Act, but the text of the law is not yet complete. In its current form, it is not possible for me to ask my colleagues to vote for this bill. I am determined to work towards strengthening the law, and I hope that next week we can evaluate the final version and bring the process to the Senate floor.”

It is expected that the bill will come up for discussion again in the Senate in the future and be voted on after amendments are made.