By Morgan Rimmer | CNN
Senate Democrats blocked a first-of-its-kind bill aimed at regulating cryptocurrency in the US amid Democratic concerns over President Donald Trump’s cryptocurrency dealings.
The vote came after months of intense negotiations between Democrats and Republicans.
The final tally was 49-48, with GOP Sens. Rand Paul and Josh Hawley joining Democrats to vote against advancing the bill.
The bill, dubbed the GENIUS Act, focused on what is known as “stablecoin,” a digital currency tied to the value of a specific asset — in this case the US dollar. The push for the bill represented a rare bipartisan effort in the Senate for major legislation. But while there is general agreement across the Senate that regulation is necessary, key Democrats ultimately balked at moving ahead after demanding changes to the legislation.
