Major crypto bill fails key vote

• The final tally was 48 to 49.
• Two Republicans, Missouri's Josh Hawley and Kentucky's Rand Paul, joined Democrats in voting no.
• Just a week ago, the bill looked likely to sail through with easy bipartisan support. But following a heated Democratic lunch, everything fell apart, resulting in Thursday's damning vote.

Catch up quick: Key Senate players have been meeting all week, trying to land a deal to appease Democrats.

• Senate Republicans reviewed Democrats' proposed changes to the GENIUS Act, with Majority Leader John Thune (R-S.D.) and Sen. Mark Warner (D-Va.) negotiating up until the last minute.
• But as of early Thursday afternoon, senators had yet to see the new legislation.

Between the lines: Democrats, and some Republicans, argued they were not given time to look at the final text before the vote.

• Senate GOP leadership said the Thursday vote is what would have allowed official debate and amendment discussions, accusing Democrats of not being serious about the changes they demanded.

• Sen. Elizabeth Warren (D-Mass.), who has been the loudest critic of the bill, seemed to side with Republicans to block an effort to delay the vote. Her spokesperson afterward clarified that Warren had been trying to give a speech on the floor and was not intending to object to the delay.
• The move would have required unanimous consent.

What to watch: Thune took action to allow the bill to be brought back up for another vote.

Editor's note: This story has been updated with additional reporting.