The crypto industry is brushing off a failed vote on a stablecoin bill in the Senate, underscoring recent progress and their hope that this isn’t the end of the line for crypto legislation.

Democrats on Thursday blocked the Senate from moving forward with consideration of the GENIUS Act, which would create a regulatory framework for payment stablecoins.

The bill was voted down 48-49, falling short of the 60 votes required to bring it closer to final passage. The vote was split almost entirely along party lines, after bipartisan support for the legislation fell apart last week.

“It’s gonna live to fight another day,” Kara Calvert, vice president of U.S. policy at Coinbase, told The Hill.

“Would I have liked to see the vote pass? Absolutely. Would that have made the day better? Absolutely. But I didn’t walk away thinking this bill is going to die or this issue is going away,” she added.

A contingent of crypto-friendly Democrats pulled their support for the GENIUS Act after Senate leadership moved to expedite a vote on the legislation last week.

The Democratic senators, several of whom voted to advance the bill out of the Senate Banking Committee in March, argued that Republicans had cut off negotiations prematurely.

They said they still had concerns........

© The Hill