The bill to regulate stablecoins in the U.S. Congress, known as the "GENIUS Act," is experiencing significant setbacks after nine Democratic senators who previously supported it withdrew. This law aims to create a federal regulatory framework for the first time for stablecoin issuers, such as USD1 linked to the Trump family, but it faces criticism for not providing sufficient safeguards against money laundering and financial risks. Concerns have increased following a $2 billion deal between World Liberty Financial, partially owned by the Trump family, and the UAE-based MGX company, raising questions about conflicts of interest. While Republicans seek to expedite the passage of the law, Democrats are calling for additional reviews to protect consumers and enhance transparency.