Landmark Senate cryptocurrency legislation cleared another procedural hurdle on Wednesday, inching the upper chamber closer to a vote on final passage following weeks of delays and hiccups.
The upper chamber voted 68-30 to move forward on a substitute amendment that includes an array of changes to the original bill Republicans agreed to last month in order to win over the Democratic support necessary to pass the legislation.
The bill, led by Sen. Bill Hagerty (R-Tenn.), would create the first-ever U.S. regulatory framework for digital tokens known as stablecoins that are pegged to the value of the dollar.
Hagerty said on the Senate floor the legislation “takes a common-sense, bipartisan approach to regulating stablecoins.”
Democrats have been divided over the bill. Sen. Elizabeth Warren, the party’s leader on the Senate Banking Committee, has led the opposition, saying on the floor Wednesday that the legislation “is riddled with loopholes and contains weak safeguards for consumers, national security and financial stability.”
Eighteen Democrats broke with Warren and Minority Leader Chuck Schumer (D-N.Y.) to advance the motion Wednesday — including Sens. Andy Kim of New Jersey and John Hickenlooper of Colorado, who voted “no” on the last procedural motion on the bill. Sen. Lisa Blunt Rochester (D-Del.) flipped to a “no” on Wednesday after supporting the previous procedural motion.
The vote sets the Senate up to adopt the new base text and then begin voting on the underlying bill later this week. It looks increasingly unlikely that Majority Leader John Thune (R-S.D.) will allow further votes on amendments.
Thune has tried for weeks to strike a deal on amendments that would allow the chamber to proceed more quickly to a vote on final passage, with votes on provisions offered by members. But a push by Sen. Roger Marshall (R-Kan.) to attach controversial legislation that aims to crack down on credit card swipe fees has complicated the path forward, with supporters of the crypto bill fearing that it would become a poison pill to the underlying legislation. Marshall was seen speaking on the Senate floor Wednesday to Sen. Dick Durbin (D-Ill.), who co-leads the credit card legislation.
If no amendment deal or time agreement comes together — which looks likely — the Senate could vote as soon as Monday on final passage of the bill.
Thune said on the Senate floor Wednesday that “it’s time to move forward and pass this legislation.”
“The version of the GENIUS Act that we will invoke cloture on today reflects months of hard work and negotiations from members on both sides of the aisle,” he said.
