#USStablecoinBill #USStablecoinBill

The U.S. Senate's GENIUS Act, aiming to regulate stablecoins, is facing bipartisan challenges. Originally supported, nine Senate Democrats have withdrawn their backing, citing concerns over anti-money laundering provisions and financial system risks . The bill mandates that stablecoins be fully backed by U.S. dollars or Treasury securities, prohibits algorithmic stablecoins, and sets reserve requirements . However, ethical issues have emerged, particularly regarding World Liberty Financial, a crypto company partly owned by the Trump family, which is expanding globally and facing scrutiny over potential conflicts of interest . Despite these hurdles, proponents emphasize the bill's potential to bolster the U.S. dollar's dominance in digital transactions .(PYMNTS.com, Politico, Forbes, WIRED, Cointelegraph)