The bill stalls out

A sweeping crypto regulatory package backed by President Trump failed a key procedural vote in the Senate on Tuesday, blocking it before debate could even start.

Both parties said no

Democrats delivered the fatal blow, but a handful of Republicans with unresolved concerns also refused to come along. With the calendar crowded before the midterms, backers expect it to sit on the shelf.

Its author calls it over

Sen. Cynthia Lummis, the bill's primary architect, said she had spent over a year on it and granted more than 120 Democratic requests. Asked if it would return to the floor, she said no.

“I think we're done. It's over.”

Trump's crypto fortune

Several Democrats rejected the ethics language meant to slow the Trump family's crypto empire. Trump's income jumped about 250% from just over $620 million to roughly $2.2 billion, much of it from crypto ventures run by his sons.

Dirty money worries

Sen. Andy Kim said the foreign money laundering provisions lacked teeth and that he needed real engagement on terrorist and cartel financing to vote yes.

“I'm still engaged. I didn't get on board with the GENIUS Act till the very last vote.”

Vote first, fix later

Sen. John Cornyn, undecided and worried about community bank yields and criminal misuse, argued the right move was to open the bill and amend it rather than kill it.

“What we used to do around here is something called legislate.”