#USStablecoinBill

The U.S. Senate's bipartisan GENIUS Act, aiming to regulate stablecoins, has encountered significant opposition. Initially advancing with an 18–6 committee vote, the bill now faces challenges as nine Senate Democrats withdraw support, citing concerns over anti-money laundering provisions and potential financial system risks . The legislation mandates stablecoins be fully backed by U.S. dollars or high-quality liquid assets and prohibits algorithmic stablecoins . Critics argue the bill may inadequately address systemic risks and could empower large tech firms in the financial sector . The bill's association with former President Trump's crypto interests further complicates its trajectory . As debates continue, the future of stablecoin regulation in the U.S. remains uncertain.