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The US Senate is Stalling on Stablecoins: The GENIUS Bill is Under Threat of Disruption
The discussion of one of the key cryptocurrency bills in the US Senate — the so-called GENIUS Act aimed at regulating stablecoins — has encountered unexpected difficulties. Despite initial bipartisan support, nine Democratic senators withdrew their signatures, citing insufficient measures to combat money laundering and threats to financial stability.
The bill, promoted by Republican Senator Bill Hagerty and Democrat Kirsten Gillibrand, previously passed a vote in the Banking Committee (18–6), but new amendments have fractured intra-party unity.
Particular resonance was caused by the participation in the discussion of World Liberty Financial, a company associated with the Trump family. It is actively promoting its own stablecoin USD1, raising concerns about a potential conflict of interest.
Nevertheless, the Trump administration insists on passing the law before the August recess of Congress, considering the development of the cryptocurrency market a strategic priority.
