Inside the Senate's last-ditch fight to save the GENIUS Act
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Senate Democrats and Republicans are set to meet Wednesday in an eleventh-hour meeting to try to save the bipartisan GENIUS Act, according to people familiar with the matter.
Why it matters: Legislation to regulate stablecoins isn't dead, but even its advocates acknowledge the GENIUS Act is in danger of failing the procedural vote that Senate Majority Leader John Thune (R-S.D.) has scheduled for Thursday.
- On Tuesday, it became clear it may need up to 10 Democratic votes to counter as many as three GOP defections.
- Sen. Cynthia Lummis (R-Wyo.), one of the GOP cosponsors, emerged from a Tuesday evening meeting with Senate Minority Leader Chuck Schumer (D-N.Y.) full of optimism.
- "We had a great meeting, and I came away with the impression that they still truly do want to get something across the finish line," Lummis told the Washington Examiner.
- Republicans, including Lummis, are set to meet with Sens. Ruben Gallego (D-Az.), Mark Warner (D-Va.), Kirsten Gillibrand (D-N.Y.) and others on Wednesday, sources told Axios.
Behind the scenes, Schumer has been open to getting to "yes" on the bill, according to sources familiar with the talks.
Zoom in: Democrats moved on Tuesday to ban presidents, lawmakers and their families from issuing, endorsing or sponsoring crypto assets, with new legislation introduced by Sen. Jeff Merkley (D-Ore.), Axios first reported.
- The legislation is designed to address concerns over the Trump family's crypto ventures — and their ability to profit from them.
- In a private meeting last week, Sen. Elizabeth Warren (D-Mass.) told her colleagues the GENIUS Act lacked guardrails against corruption.
- Schumer and Sen. Kirsten Gillibrand (D-N.Y.) jumped on as cosponsors of the new Merkley legislation.
The other side: At least three Senate Republicans have concerns about the GENIUS Act.
- Sen. Rand Paul (R-Ky.) is leaning "against" the legislation and doesn't see the need for federal regulation.
- Sen. John Kennedy (R-La.) seems uncomfortable with changes to the bill and "a lot of deals back and forth," he told the Washington Examiner.
- Finally, Sen. Josh Hawley (R-Mo.) said he has concerns about big tech, but he isn't a firm no, he told Axios.
Editor's note: This article has been updated.
