Bipartisan stablecoin legislation failed to overcome a 60-vote filibuster hurdle in the Senate Thursday in a stunning setback for the so-called GENIUS Act that would establish a regulatory framework for digital coins.

The failed vote on the first-of-its-kind measure came after last-minute opposition from a bloc of crypto-friendly Democrats, derailing what was the product of months of talks between the two sides.

The vote failed 48-49 and largely along party lines as negotiations continued behind the scenes. All Democrats opposed it.

Senate Majority Leader John Thune (R-SD) accused Democrats of allowing politics to stand in the way of a bipartisan legislative win after previously supporting the measure.

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