The updated version of the GENIUS Act is facing significant opposition from 10 senators, including Ruben Gallego, due to concerns over national security and anti-money laundering provisions.
Initial supporters of the bill are now divided, indicating serious legislative challenges ahead.
Market reactions are mixed, with potential regulatory delays and the need for revisions to better address security concerns highlighted by analysts.
Experts suggest that revising the bill could lead to broader support and alignment with global financial standards.
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