In a rare occurrence, which may only last for a week, Democrats in the Senate showed some spine and voted down an important procedural vote on the GENIUS Act, a bill that would establish a (very weak) regulatory framework for the use of stablecoins.

The crypto industry is brushing off a failed vote on a stablecoin bill in the Senate, underscoring recent progress and the hope that this isn’t the end of the line for crypto legislation.

The GENIUS Act failed a key Senate vote Thursday, leaving the future of the stablecoin bill and other crypto legislation in question.