According to PANews, the U.S. Senate has narrowly rejected the GENIUS Act, a proposed framework for stablecoin regulation, with a vote of 48 to 49. The bill faced opposition from the Democratic Party, which cited concerns over potential corruption risks linked to U.S. President Donald Trump's family's involvement in cryptocurrency. Despite the Republican majority, the bill failed to reach the 60-vote procedural threshold required for passage.
The GENIUS Act aimed to establish the first regulatory system for stablecoins in the United States. However, the Democrats opposed the bill, arguing that it lacked provisions to prohibit government officials from holding cryptocurrency assets. In response to the setback, Senate Republicans have indicated plans to reintroduce the bill for a vote in the coming days.