In a rare occurrence, which may only last for a week, Democrats in the Senate showed some spine and voted down an important procedural vote on the GENIUS Act, a bill that would establish a (very weak) regulatory framework for the use of stablecoins.

Senator Tim Scott said on Friday night that Democrats who voted against the GENIUS Act should expect “painful” political consequences. He made the statement

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