Scoop: Senate Dems angle for GENIUS Act vote delay
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Senate Democrats are considering asking Senate Republican leadership to delay a vote on the GENIUS Act this week to allow for more time for negotiations, Axios has learned.
Why it matters: Lawmakers made progress toward saving the crypto bill during 11th-hour meetings Wednesday, sources tell Axios. But Democrats want more time for talks.
- Senate Republicans on Wednesday afternoon were reviewing Democrats' proposed changes to the GENIUS Act, according to sources familiar with the discussions
- While progress has been made, there's no deal yet, a Democratic aide involved in the talks told Axios, adding that discussions were ongoing.
- Democrats are threatening to withhold their support for the measure, which would lay out the first regulatory framework for stablecoins.
The big picture: Democrats involved in the negotiations have publicly cautioned Republicans against jamming them on the bill.
- But GOP leadership is still going ahead with plans to hold a procedural vote Thursday.
Zoom in: Democrats' proposed changes would include barring public officials, including the president, from profiting off the issuance of stablecoins.
- Sen. Adam Schiff (D-Calif.) worked with Sens. Ruben Gallego (D-Az.) and Mark Warner (D-Va.) to draft the language.
- Top Senate Democrats, including Senate Minority Leader Chuck Schumer (D-N.Y.), co-sponsored a bill Tuesday that would bar the president, vice president and lawmakers from endorsing or issuing their own digital assets.
- Senate Democrats are waiting to see updated bill text before deciding on next steps, according to sources.
Zoom out: Wednesday's meetings, which were first reported by Axios, lasted for over four hours. It included top Senate Democrats and Republicans.
- Democratic sources familiar with the talks tell Axios there is a genuine desire on their side to get to 'yes' on the bill, but there are concerns that a Thursday deadline doesn't leave them enough time to address changes they want.
Go deeper: Inside the Senate's last-ditch fight to save the GENIUS Act
Editor's note: This story has been updated with additional reporting.
