Senate expected to forge ahead with vote to advance crypto bill with bipartisan talks ongoing

Washington-It is expected that the Republican Senate will advance with a vote on Thursday on a draft law to regulate encryption from both parties, but it is not clear whether there are enough Democrats to support it as negotiations between the two parties.

The Senate Banking Committee approved the Genius Act, which would create the first regulatory framework for the United States for Stablecoins Exporters, the digital symbols associated with currencies such as the dollar, in April, with five democrats supporting legislation.

But after the majority leader of the Senate John Thun, Rurawi, said that the Senate will quickly take this measure, the leader of the Senate minority Chuck Schumer, Denio.

Thurs said on Thursday that he is still holding talks with his colleagues on the changes in the bill, and it is expected that it will be known within the next few hours whether they have votes to continue.

“We are trying to find out if there is a path forward that would enable us to obtain any changes they want, additional changes, because, as I said, many of them have already made to the bill, but at some point they will have to take yes to get an answer.” Thun told reporters Thursday.

Democrats seek to obtain clear provisions that prevent members of the executive branch, including President Donald Trump and his family, from owning or trading cryptocurrencies and stronger provisions to combat corruption. The draft law requires 60 votes to advance to the final section of the Senate, where Republicans carry a majority of 53-47.

For more than three hours on Wednesday morning, a group of Senate members who focus on encryption gathered in the office of the head of the Banking Committee, Tim Scott, RS.C.

The list included Sens. Bill Hagerty, R-Cenn. ; Sinatia Lomes, R and Ur; Mark Warner, D-VA. ; Robin Galigo, De Areez; Kirsten Gillbrand, DN.Y. ; Angela Supox, D-MD, according to three sources familiar with the meeting. The group held another meeting closed on Wednesday evening for several hours and has not yet reached a consensus.

Hajari led negotiations with the Democrats who voted in favor of legislation in the committee, but later retracted their support, pointing to a statement “many issues that must be addressed, including adding stronger provisions on money laundering, foreign exporters, national security, maintaining the safety and safety of our financial system, and their account to those who do not benefit from ACT requirements.”

Meanwhile, Republicans of technology pioneers, David Sachs, have heard for more than an hour Wednesday, according to several Senate members who attended the briefing.

“Well, we had a good conversation yesterday,” said Senator Rick Scott, R. Florida, who supports legislation. “Everyone needs to understand, bitcoin trading is completely different from stablecoin.” (Bitcoin is not linked to the fiber currency, like the US dollar.)

When asked if most members of Congress understand what different digital assets are and how they are used, Senator John Host, R-OHIO laughed.

“This is a great question. I can’t talk about other people. I know I had to spend a lot of time in myself to really understand the issue,” he said. “There is no regulatory system about this now. It is the wild West, and we want to start realizing that we need some security about this.”

This shift in democratic support comes after an investment company supported in Abu Dabi announced last month that it will invest billions of dollars in the Trump family encryption project. Investment news sparked a violent reaction from Democrats in the Senate, who argued that he was “evidence” that the president is using his office to enrich himself. This comes after Trump retained the $ 1.5 million donation of donations per painting on Monday, focusing on prominent encryption investors and businessmen in the field of technology.

He wrote Send. Warren and Jeff Merkley, D-EDER, in a message on Monday to Jamieson Greer, Acting Director of the Government Ethics Office: “GRIFT-in which the Trump administration provides the United Arab Emirates or Binance for their huge-bays-is confused.” (Binance is the exchange of Cryptocurrentcy.)

Warren and Jelbrand signed legislation from Mercli that would prohibit presidents, legislators and their families of useful origins or source, support or care for encryption assets, including stablecoins. The encrypted corruption law directly targets Trump and his family. Trump dinner and a private White House tour For senior investors in the M -currency, $ Trump.

Senator Chris Murphy, D-Kun, joined the Democrats Choir who are calling for legislation specifically targeting Mimi currencies like $ Trump, where he made his broader proposal, alongside MP Sam Licardo, Dr. California, to break federal officials from using their site to profit outside digital assets.

The anti -retreat effort is likely to fail from the Senate in the Senate -controlled Senate. But Senator John Kennedy, R does not.

The law of genius is not regulated only Stablecoins and does not touch the coins, which is a different type of cryptocurrency whose value derives from the Internet culture rather than benefit or basic assets. But supporters of legislation argue that the bill has protection against money laundering and fraud.

Changes to the legislation were made at the request of the Democrats after it was reported outside the committee, including preserving the state’s regulatory authority in favor of the abroad Stablecoins and expanding the monitoring of suspicious transactions and its reports for Stablecoin users, according to two people familiar with the process.

The draft law is expected to contain a item that prohibits elected officials to issue Stablecoins, according to Thne and a democratic assistant involved in this process.

“I know that we can reach a good and difficult invoice. We just need to spend time to work actually on this,” Galigo told reporters. “There is a lot of decline that took place between the committee’s vote and the text that appeared. I think we can get there, but the current version is not what we have negotiated before.”

Thne maintained that he continues “regularly” and that other changes can occur on the draft law during the amendment process, which is only a closed step if Senators submit 60 votes to strengthen the draft law first. The Financial Services Committee in the House of Representatives voted to pass a competitive bill, which is a stable law, which will also provide a regulatory framework for Stablecoins last month.

If the Senate eventually passes the bill, the House of Representatives will still need to take it before it can go to the Trump office to sign.

Thun said on Tuesday: “When will the Democrats take yes to get an answer? If they have suggestions and other things they want to integrate into the draft, we definitely welcome a look at that and work with them on that, but we need to start moving forward.”

Not only is the path of Democrats in the Senate: A few Republicans have indicated that they are planning to vote against the genius law, including Senator Josh Holie, R-MO, who said that without preventing technology companies from owning Stablecoins, it is uncomfortable to support the bill.

Senator Rand Paul, RCK, who often deviated from his party, said he intends to vote against legislation due to fears of the organization.

“I am not a great fan of federal regulations, and I am much less than a completely new scheme for a fully new industry and it seems that it works well without federal regulations.” Paul told reporters on Tuesday.