Crypto bill clears a major hurdle in the Senate

With a resounding 66-32 vote, the Crypto Act surpassed the 60-vote threshold needed to continue its passage in the Upper House, following negotiations between the two major parties. The GENIUS bill, introduced by Republican Bill Hagerty, seeks to create the first national regulatory framework for digital tokens known as stablecoins, which are pegged to the value of the dollar.

A situation that represents a 180-degree turnaround to what was happening just two weeks ago, when Democratic senators knocked down Hagerty's initial proposal. After resuming negotiations over the past few days, the two sides were able to reach a tentative agreement that would be approved as an amendment.

Republicans Rand Paul and Jerry Moran, against

However, even the approved text generates suspicions and divisions within both parties. Thus, Rand Paul and Jerry Moran broke away from the rest of the Republican legislators and voted against it, while Democrats Kirsten Gillibrand (co-sponsor of the text), Angela Alsobrooks, Ruben Gallego, Mark Warner, Lisa Blunt, Catherine Cortez Masto, Ben Ray Lujan, Adam Schiff, Cory Booker, Elissa Slotkin, John Fetterman, Maggie Hassan, Martin Heinrich, Jon Ossoff, Alex Padilla and Jacky Rosen all gave the green light.

In a statement, Gillibrand noted that "This cloture vote represents a major milestone in our bipartisan effort to regulate stablecoins. I’m confident that we have produced a strong regulatory framework that will position our country for the future, and I look forward to seeing it signed into law."

Tension on the Democratic bench, with a heated argument between Gillibrand and Warren

Arguments that did not convince the majority of the Democratic bench, which reiterated its objections to the text, even after the changes introduced by its formation were accepted, exposing the cryptocurrency companies of the Trump family.

The party's leader on the Senate Banking Committee, Elizabeth Warren, tried to convince doubters before the vote by claiming that the "basic flaws remain unaddressed" by the recent changes. "A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all," Warren added in her floor speech.

However, the best example of the division among lawmakers on the Senate left was the heated discussion between Warren herself and Gillibrand during the full Senate vote as other senators surrounded both.

A long road ahead to Trump's office

Despite clearing this hurdle, the rule still has a long way to go before it reaches Donald Trump's desk. In addition to a vote on the Senate floor, the approved text must have the clearance of the House of Representatives, which has another similar but separate proposal that passed the Financial Services Committee last month.