The Big Money Show panel explains why the Senate Democrats gathered to block the genius act of the Trump administration.
A bilayetic To advance and regulate Stablecoins, it collapsed on the Senate floor on Friday after the Democrats who previously voted in favor of the legislation changed the course.
Sources close to GOP party leadership say senators Elizabeth WarrenD-Masachusetts, and minority leader Chuck Schumer, D-New York, gathered the party against leadership and creation of national innovation for the Stablecoins (Genius) Act of the US before a vote on the Senate floor.
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“The Democrats set Partisan on politics and obstacles on innovation when they blocked a vote on the act of genius-ligament that they helped write-will help secure innovation to occur here in the United States, Senator Scott, R-South Carolina, told Fox News Digital.” This was not about the substance of the bill; It was about attracting the most radical elements of their party that want to punish President Trump and stop his agenda at all costs, but it is the American people who will pay the price. ”
Des Moines, Iowa – July 28: Senator of the Republican President of Tim Scott (R -SC) speaks to guests in the Republican Party of Iowa 2023 Lincoln’s Dinner on July 28, 2023 in des Moines, Iowa. Thirteen Republican presidential candidates were planned (Scott Olson / Getty Images / Getty Images)
Sen. Tim Scott, one of the original co-sponsors of the bill, told Fox News Digital in March He expected Stablecoin legislation to be signed in law “until August”.
Despite the obstacle, Scott told Fox that “Republican colleagues and I are not fighting – we will continue to work in the digital wealth legislation to assist the United States of the world’s crypts.”
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In the dramatic unfolding on the floor of the Senate on Friday, Senator Ruben Gallego, D-Arizona, who voted in favor of the Genius act on the committee, moved to vote on Monday, but Warren could be heard opposing the motion, according to sources that were monitoring the floor.
“While this bill is not perfect, we have made many improvements through our Bipartizan Committee work – including better protection for clients in the event of bankruptcy, addressing national security risks and strengthening guard to maintain financial stability – and I believe it is a step in the right direction,” Gallego explained.
Rep. Ruben Gallego, D-Ariz, walks through the steps of the house after the last votes of the week in the US Capitol on Thursday, September 14, 2023. (Bill Clark / CQ-Roll Call, Inc through Getty Images / Getty Images)
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The goal of the bill is to allow a stable To pursue the US dollar in an effort to reduce instability in cryptic markets and ensure validity for an industry approximately $ 3.1 trillion. The cryptocurrency space has gone mostly unregulated, despite China introducing their digital yuan in 2022.
Senate majority leader John Thune also addressed the democratic change in a speech before the vote, saying “makes you wonder if this is about the draft law – or if it is simply obstructing Democrats because they want to deny Republicans, or President Trump, a Bipartisan victory.”
One of the main reasons Democrats decided against the bill is a stablecoin that Links with President Trump. Demas argue that the president would personally benefit from advancing legislation.
US Senator John Thune (R-SD) speaks after being elected leader of the Senate Majority for the 119th Congress after the Senate’s Republican Leadership elections in the US Capitol on November 13, 2024 in Washington, DC. Senate Republicans chose Sen. (Kevin Dietsch/Getty Images)
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“Now, given the fact that Democrats continue to move goal posts, it’s hard not to suspect it is so,” Thune added. “And I have to say, Mr. President, that this is deeply disappointing.”
