Cnn
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The Democrats of the Senate blocked a first bill aimed at regulating cryptocurrency in the United States in the midst of democratic concerns concerning the cryptocurrency relations of President Donald Trump.
The vote came after months of intense negotiations between the Democrats and the Republicans.
The final count was 49-48, with the GOP Meaning. Rand Paul and Josh Hawley joining the Democrats to vote against the progress of the bill.
The bill, nicknamed the law on engineering, has focused on what is called “stablecoin”, a digital currency linked to the value of a specific asset – in this case the US dollar. Pressure for the bill represented a rare bipartite effort in the Senate for major legislation. But although there is a general agreement through the Senate according to which the regulations are necessary, the main democrats finally fell to go from before after requiring changes to the legislation.
After it has become clear that the Senate Republicans planned to submit the field bill this week, nine Democrats in the Senate who had been ready to support the bill wrote a letter last Saturday saying that they needed other changes in the legislation, without responding to concerns concerning Trump’s cryptographic transactions, before being able to vote to advance it.
“The bill as is currently being outdone has many problems that must be resolved, in particular by adding more solid provisions on money laundering, foreign issuers, national security, preservation of the security and solidity of our financial system and the responsibility of those who do not meet the requirements of the law,” they wrote.
Earlier Thursday, the head of the majority of the Senate, John Thune, pushed enough democrats to vote for the bill so that they can reach the threshold of 60 voting necessary to move it forward, insisting that negotiations could continue the details of the legislation after cleaning the obstacle.
“If the senators wanted the opportunity to make new changes to the bill, I encourage them to vote for the Clot.” We have had an open process on this bill so far, then why stop now? ”
Democratic senator Elizabeth Warren led the accusation against the bill, arguing that the law on engineering “will overcome the corruption of Donald Trump” and that she does not have the railing necessary to protect consumers. Warren added that this type of settlement is necessary, but that the bill was not adequate.
“The only version of this bill we have seen is the one that the Republicans have extinguished, and it has four main areas that are problems. The first is that Donald Trump’s corruption. The second is that it endangers national security,” she said.
“The third is that it undermines consumer protection laws and consumer protection, and the fourth is that it covers a substantial risk of exploding the American economy and again recovering in a position where taxpayers must bail out billionaires while they end up paying the risks that the rich have taken.”
She pointed out that the Democrats did not want to “ride” themselves “, trusting that the Republicans will take into account their concerns before requesting a vote on the final adoption.
In addition, some Democrats who had previously supported the bill sought to demonstrate their opposition to the crypto of the president of President DeaLIngs by sponsoring the end Crypto Corruption Act, which would block the president, the vice-president, the members of the Congress, the senior executive officials and their families to approve or issue cryptocurrencies.
Although there are many Bippartisan bills presented in such a divided congress, it is rare to see a major element of the regulatory legislation written by senators on both sides of the alley end. He was co -packed by Gillibrand and Alsobrooks, directed on the republican side by Sens. Bill Hagerty and Cynthia Lummis, and he advanced from the Senate Banks Committee in March in March by a vote of 18-6, with five Democrats who supported him.
The members continued to negotiate this week, organizing two meetings at the level of members on Wednesday and continuing to speak while the late hours towards the planned vote to advance the bill on Thursday afternoon. Senator Ben Ray Lujan, who had signed the Democrats’ letter on Saturday, told CNN on Wednesday that there was still room to conclude an agreement, but they needed more space to do so.
“There must be a certain certainty to all those involved, including the leader, to plan votes, things of this nature. Or it could be a vote that could perhaps move at the start of next week to give the staff the time necessary to be able to put everything on paper too. ”
Democratic senator Mark Warner, one of the main negotiators, said in a statement: “Although we have made significant progress on the genius law, the work is not yet over, and I simply cannot ask my colleagues to vote for this legislation when the text is not yet finished.” Another negotiator, the Democratic Senator Ruben Gallego, officially asked to push the vote on Monday to grant more time to finish and review a new bill, but the Republicans have opposed.
Some Democratic senators have argued that Trump cryptocurrency transactions only increase the urgency of regulatory legislation – and the need to do things well.
“I think that does it – it increases the challenges that before doing something, we must make sure that it is really good. And it should certainly not be something where you know that it is exempt from a regulatory environment,” said senator Tim Kaine.
The Senate Republicans were largely united in their support for legislation and even received a visit from David Sacks, the Tsar of the White House on AI and cryptocurrency on Wednesday to educate the Senators on Stablecoin.
