The US legislation that would establish stableecoin regulation could not take a big step closer to reality on Thursday, as a haste with democratic resistance prevented the bill from moving into a debate phase, which would have been the way to a possible vote on passage.

The Crypto industry has strictly seen the Senate, where the fate of its long-fought regulatory battle is in the balance of his balance. The first of two large bills for digital assets – this to regulate stableecoins such as Circle’s USDC and Tether’s USDT – ran into a congressional guide, despite easily winning Bipartisan approval in a previous vote in the Senate Bank Committee.

A technical but important vote to promote the legislation for days of floor debate next week, failed 48-49. According to the rules of the Senate, 60 votes were needed to promote the debate. Senators Josh Hawley and Rand Paul broke rank with their co -Republicans to vote against promoting legislation. Senate majority leader John Thune flipped his voice to none at the end of the voting series in a procedural step to bring back legislation on a future date.

Some Democrats who had previously spoken for that effort turned to it in recent days, saying that the StableCoin regime needed more protective measures against illegal behavior, especially appointed crypto business band from President Donald Trump as a potential conflict of interest that was marked by many of them as corruption.

Senator Ruben Gallego, who received $ 10 million in the backing of the crypto industry’s political action committee during the 2024 election, was among them, and he said on the Senate floor before the vote, “I think there is a way for us to actually get this done, get the good language, must have a Bipartisan victory for this country.”

“The reason you hear some hesitation: the legislation to this extent and meaning really cannot be rushed, and we need time,” he said, adding that he is not trying to shut down the process. “We want to bring this economy and this innovation to the United States.”

GALLEGO asked for Republicans to agree to hold the vote until at least Monday to give lawmakers time to “educate” the Bill’s opponents of the legislative text – which had not been completed at the time the vote began.

Senator Mark Warner, a Virginia Democrat, reiterated that he hopes the debate can still happen as early as next week, noting that “stableecoins are undeniably part of the fiscal future,” but he argued that “the text is not yet finished” and needs to give Americans more protections.

Republicans, including majority leader John Thune, had called on the Senate to push for an open debate where changes could still be made.

“We have to seize the reins and ensure that all Americans are able to take responsibility for their financial future,” said Senator Cynthia Lummis, Wyoming Republican, who leads a crypto sub -committee in the Senate. She said before the vote that Senators’ employees have “worked for days recently – days – to bring this bill to the floor” and have already taken many changes from the Democrats.

“This is a Bipartisan bill and had the Bipartisan process right from the beginning,” Thune said in comments after the vote in which he said the Democrats refused to start the debate that the Senate has built against. “Democrats have been accommodated every step on the road,” he added, noting that this is now the sixth version of the legislation.

“I just don’t get it,” he said. The plan is now to “bring up this legislation again if and when the Democrats are ready to become serious. It is clear today not.”

Senator Bill Hagty, who introduced the bill in the first place, went ahead and said that legislators who voted against the opening debate actually voted to “kill the crypto industry here in America.”

Read more: Senate Republicans who make pleasing to move on with stableecoin -debate

Update (8 May 2025, 18:55 UTC): Adds comments from majority leader John Thune.