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Sen. Tim Scott Vows Consequences After Democrats Block Crypto’s GENIUS Act
Sen. Tim Scott Vows Consequences After Democrats Block Crypto’s GENIUS Act
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Senate Banking Committee Chair Tim Scott warned of "painful repercussions" for Democrats who withdrew support for the GENIUS Act, a landmark stablecoin regulation bill. The legislation—spearheaded by Senator Bill Hagerty—collapsed when two Democratic co-sponsors flipped their votes, joined by Republican dissenters Josh Hawley and Rand Paul.
Scott revealed significant compromises were made to advance the bill, including accelerated registration timelines for stablecoin issuers and modified national security provisions. The senator suggested crypto industry backlash might pressure lawmakers to reconsider the proposal, which would have established the first U.S. legal framework for stablecoins.
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