The GENIUS Act, which is meant to bring regulatory clarity to the stablecoin sector, has failed to meet cloture, meaning that it will not advance for a full Senate vote.
The term "cloture" refers to a procedure that is used to end debate on a certain bill. It takes 60 votes to meet cloture. Now that the vote has failed 48-49, the bill cannot move forward.
Such an outcome is not surprising considering that Democratic Senator Ruben Gallego stated that the cloture vote would fail.
"The Republicans killed it, because my colleagues don't have enough time to read the changes that we have been proposing," he said.
Notably, Senate Majority Leader John Thune changed his vote to "No" in order to be able to bring the bill back for another vote. Republican Senators Josh Hawley and Rand Paul also voted against the bill.
Thune has clarified that there have been six versions of the been, and numerous changes have been made in order to satisfy the demands of skeptical Democratic Senators.
According to Alex Thorn, head of research at Galaxy Digital, has predicted that a new version of the bill could be introduced as soon as next Monday.
