#USStablecoinBill The US stablecoin bill, officially known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, aims to establish a federal regulatory framework for payment stablecoins. Introduced by Senator Bill Hagerty and supported by key Republicans, the bill seeks to ensure stablecoins are fully backed by liquid assets and prevent issuers from engaging in lending activities.

However, the bill has recently faced a setback as nine Senate Democrats, who previously supported it, have withdrawn their support. They cite concerns over insufficient safeguards regarding anti-money laundering, national security, and consumer protection. This Democratic U-turn has cast doubt on the bill's future, as it requires significant bipartisan support to advance in the Senate.

Despite this hurdle, the push for stablecoin legislation reflects a broader effort in the US to provide clarity and structure to the growing digital asset market. Both the House and Senate have been working on different versions of stablecoin bills, indicating a bipartisan interest in regulating this sector. The outcome of these legislative efforts could significantly shape the future of stablecoins and their role in the US financial system.