Legislation to create a framework for payment stablecoins failed to clear a key hurdle on the Senate floor Thursday, after several Democrats voted against moving forward with consideration of the bill.

Senators voted 48-49 to end debate on a motion to proceed on the GENIUS Act, short of the 60 votes required to move the measure further along the road to final passage.

Senate Majority Leader John Thune (R-S.D.) switched his vote from yea to nay in a procedural move that allows him to bring the measure up again.

Senate Democrats who previously supported the GENIUS Act

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