Inside the Senate's last-ditch fight to save the GENIUS Act

Senate Democrats are in discussions with relevant Republicans about an eleventh-hour meeting to try to save the bipartisan GENIUS Act, according to people familiar with the matter.Why it matters: Legislation to regulate stablecoins isn't dead, but even its advocates acknowledge the GENIUS Act is in danger of failing the procedural vote that Senate Majority Leader John Thune (R-S.D.) has scheduled for Thursday. On Tuesday, it became clear it may need up to 10 Democratic votes to counter as many as three GOP defections. Sen. Cynthia Lummis (R-Wyo.), one of the GOP cosponsors, emerged from a Tuesday evening meeting with Senate Minority Leader Chuck Schumer (D-N.Y.) full of optimism."We had a great meeting, and I came away with the impression that they still truly do want to get something across the finish line," Lummis told the Washington Examiner. Behind the scenes, Schumer has been open to getting to "yes" on the bill, according to sources familiar with the talks.Zoom in: Democrats moved on Tuesday to ban presidents, lawmakers and their families from issuing, endorsing or sponsoring crypto assets, with new legislation introduced by Sen. Jeff Merkley (D-Ore.), Axios first reported. The legislation is designed to address concerns over the Trump family's crypto ventures — and their ability to profit from them.In a private meeting last week, Sen. Elizabeth Warren (D-Mass.) told her colleagues the GENIUS Act lacked guardrails against corruption.Schumer and Sen. Kirsten Gillibrand (D-N.Y.) jumped on as cosponsors of the new Merkley legislation.The other side: At least three Senate Republicans have concerns about the GENIUS Act.Sen. Rand Paul (R-Ky.) is leaning "against" the legislation and doesn't see the need for federal regulation. Sen. John Kennedy (R-La.) seems uncomfortable with changes to the bill and "a lot of deals back and forth," he told the Washington Examiner.Finally, Sen. Josh Hawley (R-Mo.) said he has concerns about big tech, but he isn't a firm no, he told Axios.

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