Major crypto bill fails key vote

An early Senate vote to move forward on crypto legislation failed Thursday afternoon, endangering the chances of stablecoin regulation this Congress.Why it matters: It is an early, procedural vote. But Democrats have been fighting hard for changes and tried unsuccessfully to get Republican leaders to delay the vote. The final tally was 48 to 49.Two Republicans, Missouri's Josh Hawley and Kenyucky's Rand Paul, joined Democrats in voting no. Jut a week ago, the bill looked likely to sail through with easy bipartisan support. But following a heated Democratic lunch, everything fell apart resulting in Thursday's damning vote.Catch up quick: Key Senate players have been meeting all week, trying to land a deal to appease Democrats. Senate Republicans reviewed Democrats' proposed changes to the GENIUS Act, with Majority Leader John Thune (R-S.D.) and Sen. Mark Warner (D-Va.) negotiating up until the last minute.But as of early Thursday afternoon, senators had yet to see the new legislation.Between the lines: Democrats - and some Republicans -.argued they were not given time to look at the final text before the vote.Senate GOP leadership said that the Thursday vote is what would have allowed official debate and amendment discussions, accusing Democrats of not being serious about the changes they demanded.Sen. Elizabeth Warren (D-Mass.) has been the loudest critic of the bill, and sided with Republicans to block an effort to delay the vote.The move would have required unanimous consent.

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Catholics in Rome, world celebrate election of first American pope

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