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A first bill of its kind to regulate parts of the cryptocurrency industry that held in the Senate on Thursday, after Democrats had blocked it in the midst of concern in their party about how President Trump and his family benefit from Crypto.
With a vote from 48 to 49, the measure did not collect the 60 votes needed to continue. It would have regulated so -called stablecoins, a kind of cryptocurrency bound to the value of an existing active, often the US dollar. The mood was a setback for industry, which made considerable progress in Washington with the support of Mr Trump and a two -part group of legislators.
The legislation has divided Democrats, many of whom were cautious about back legislation that could benefit Mr Trump, whose ties with industry accusations of corruption have led.
When the Stablecoin bill brought its way through the congress, a dual group of senators in the banking committee supported it and voted in March to send it to the senate floor for a complete vote. At the time, the measure seemed to be on a sliding path to Passage, with proponents convinced that they could deliver a dual account to the office of Mr. in the summer. Trump.
But less than two weeks after the Bankpaneel action, the reluctance began to brew Democrats on Capitol Hill, among others, when a cryptocurrency company affiliated with the President’s family, World Liberty Financial, announced that it would publish a stablecoin. The concern of Democrats deeper after the company affiliated by Trump had concluded a deal with an Emirati Venture Fund, supported by the Government of Abu Dhabi, that would give them $ 2 billion to deposits.
Democratic donors were also concerned that the bill had no provisions to tackle money laundering in the industry or to guarantee that bad actors who were excluded from traditional American financial markets would not be able to use the cryptocurrency to get a foot in the ground.
But the mandatory care for Democrats, who have worked to find out how and when an effective resistance to Mr Trump should be set up, was that they could be seen as a victory to the president when they had the opportunity to block the bill.
To continue in the Senate, the legislation needed 60 votes, which means that at least seven Democrats should support to push procedural obstacles and a definitive mood in the past. In the end, nobody was willing to do this.
Senator Ruben Gallego, Democrat from Arizona and an advocate of the legislation, the Republicans had called on a last-minute to postpone the vote until Monday.
“Legislation of this scope and the importance cannot be hurried,” he said, adding that he and other Democrats wanted more time to revise the bill.
“I want to be clear that we have enough members in the aisle who only want to see it in a good way,” said Mr. Gallego.
But his efforts were short; Republicans stood on Thursday and said that Democrats would have the opportunity to change the bill during the debate.
“We have done everything we can to accommodate their worries,” said Senator John Thune, Republican of South Dakota and the majority leader before the mood. “At some point they have to take yes as an answer.”
Mr Thune switched his voice from a yes to no, so he could try to raise it again in the future. He said that Democrats “move the goal posts” in intensive conversations about the legislation, which suggests that they simply tried to deny Republicans a victory over the issue.
A Republican, Senator Josh Hawley of Missouri, joined Democrats to resist the bill with the bill and called concern about the involvement of technology companies in the cryptocurrency industry.
“We have been working with negotiators for 48 hours now, and I was told that they came close to text to record great technical prohibitions,” he said. “But they didn’t do it.”
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