Senator Tim Scott promises painful consequences to Democrats who stalled the GENIUS Act

Senator Tim Scott has said that Democrats who were against the GENIUS Act should expect painful consequences. He made the statement after the crypto bill failed in the US Senate, where Democrats blocked it despite months of bipartisan talks.The GENIUS Act, led by Senator Bill Hagerty, sought to create the first legal framework for stablecoins in the US But two Democratic co-sponsors flipped their votes, and two Republicans—Josh Hawley and Rand Paul—also voted no. According to Eleanor Terrett, former Fox Business journalist and founder of Crypto in America, Scott told her he hoped the crypto industry’s reaction would push lawmakers to return and pass the bill.Scott, who chairs the Senate Banking Committee, said his party had made “major concessions” to get the bill across. Those included reducing the time for stablecoin issuers to register in the US, tightening national security rules, and softening anti-money laundering measures.Still, Senators Kirsten Gillibrand and Angela Alsobrooks, who helped write the bill, turned their backs on it. Scott told Eleanor, “If you can get so much of what you want, and you still can’t say yes, I don’t get it.” He said he hopes both Democrats and the two Republicans who opposed it will come around after realizing how the delay hurts financial inclusion and blocks crypto innovation.Democrat Senators stall bill as Trump’s crypto ties take center stageThe bill failed in a Senate where crypto had, until now, enjoyed its most favorable climate under President Donald Trump’s second term. The setback was the first major blow for the industry in the Trump era. Republican leaders needed Democratic votes to push the bill through, and they didn’t get them.Senator Chuck Schumer, the Democratic leader, had warned his caucus a week before the vote not to commit to supporting the bill. Behind closed doors, he asked them to use their leverage to demand more changes. Lawmakers like Senator Elizabeth Warren and Chris Murphy raised concerns about passing any crypto legislation while the Trump family remained so deeply involved in the space.After the bill died, Scott stood on the Senate floor and said, “It was a vote to stop President Trump from having a victory in the digital asset space. It was a vote against common sense — that simple.” He accused Democrats of letting “Trump Derangement Syndrome” hijack what could’ve been a win for both parties and the crypto space.After the vote, Scott’s team made it clear they don’t want crypto donors wasting money on Democrats anymore. Jennifer DeCasper, Scott’s longtime aide and the current Executive Director of the National Republican Senatorial Committee, said, “Anyone backing Senate Democrats in hopes of crypto progress is ignoring reality.”The post Senator Tim Scott promises painful consequences to Democrats who stalled the GENIUS Act first appeared on Coinfea.