Senate Kills GENIUS Act in Late-Night Vote—Dems Call It a ’Billionaire Bailout’
Washington’s favorite pastime—derailing innovation—struck again as the GENIUS Act got axed. Democrats slammed it as a handout to tech oligarchs, while crypto lobbyists quietly updated their ’lost causes’ spreadsheet. Another win for bureaucracy over blockchain.
Wall Street analysts shrug—after all, why fund the future when you can just short it?
The legislation is not dead — yet
Despite the impasse, some lawmakers remain optimistic. Sen. Mark Warner noted the bill “isn’t yet finished” and still requires key protections for Americans. Meanwhile, Republicans like Sen. Cynthia Lummis warned that delaying progress could stifle U.S. crypto innovation.
Sen. Bill Hagerty, the bill’s sponsor, has said the vote amounted to “killing the crypto industry here in America.”
The debate may resume next week, pending further negotiation.
