#USStablecoinBill The U.S. Senate’s efforts to regulate stablecoins have encountered significant challenges, with bipartisan support for the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) now in jeopardy. Originally co-sponsored by Senators Bill Hagerty (R-TN) and Kirsten Gillibrand (D-NY), the bill aimed to establish the first federal regulatory framework for stablecoins. However, nine Senate Democrats recently withdrew their backing, citing concerns over inadequate provisions addressing money laundering and financial system risks .