#MarketPullback Unexpected turn for the Democrats: Nine Democratic senators who previously supported the GENIUS bill have now stated that they will not support it in its current form. They expressed concerns about insufficient guarantees in the areas of anti-money laundering (AML), restrictions on foreign issuers, national security, and consumer protection.

* Bill at risk: To advance the bill, 60 votes are needed in the Senate, and the Republicans only hold 53 seats. The loss of support from the nine Democrats raises doubts about the future of the bill.

* Previous progress: The GENIUS bill, led by Senator Bill Hagerty, received approval from the Senate Banking Committee in March, including votes from four Democrats who have now withdrawn their support.

* Essence of the bill: The bill aims to create the first federal regulatory system for payment stablecoins. It will require full backing of stablecoins by liquid assets and prohibit issuers from engaging in lending.