Cryptocurrency measure fails to pass in Senate

May 8 (UPI) -- By a one-vote margin, the Senate stymied a first-of-its benignant measurement designed to modulate cryptocurrency successful the United States, with Republicans crossing enactment lines to derail the bill.

The measure, nicknamed the GENIUS Act, would person created a "stablecoin," and tied the worth of it to the U.S. dollar.

Republican Sens. Josh Hawley and Rand Paul voted with Democrats to decision the bill, 49-48. Both parties had been negotiating for months to scope a compromise.

There has been uncommon bipartisan enactment for the GENIUS Act, but 9 Democrats implicit the play said they wanted further changes to the measurement earlier agreeing to enactment it.

"The measure arsenic it presently stands inactive has galore issues that indispensable beryllium address, including adding stronger provisions connected anti-money laundering, overseas issuers, nationalist security, preserving the information and soundness of our fiscal system, and accountability for those who don't conscionable the act's requirements," they wrote successful a associated unfastened missive Saturday, CNN reported.

Bo Hines, enforcement manager of President Donald Trump's Working Group connected Digital Assets, labeled Democrats obstructionist.

"Democrats decided to play partisan authorities today," Hines wrote connected X. They person erstwhile again proven that they are not pro-innovation and they bash not enactment the interests of the American radical first."

Democrats cited galore issues with the GENIUS Act successful its existent form, and added that they privation stronger provisions to code "anti-money laundering, overseas issuers, and nationalist security."

Sen. Mark Warner, D-Va., said connected X that helium could not inquire his colleagues to ballot for the measurement and it volition request changes to garner his support.

Until past week, the GENIUS Act enjoyed bipartisan enactment and some sides continued to negociate close up to the level debate. Trump has waded into the cryptocurrency contented portion trying to increase the United States' beingness successful the integer plus arena.

Sen. John Thune, R-S.D., said the bill's defeat Thursday presages a hard aboriginal for akin crypto bills.