🚨 U.S. Stable coin Bill Faces Bipartisan Turmoil Amid Trump Ties
The GENIUS Act, aimed at establishing the first U.S. regulatory framework for stable coins, is encountering significant bipartisan challenges. Nine Senate Democrats have withdrawn their support, citing concerns over insufficient anti-money laundering provisions and potential conflicts of interest linked to the Trump family's crypto ventures. Politico Notably, a $2 billion investment in the Trump-affiliated USD 1 stable coin by Abu Dhabi's M G X has intensified scrutiny. Investor's Business Daily While the bill seeks to provide clarity for stable coin issuers, its future remains uncertain as bipartisan consensus falters. The evolving landscape underscores the complexities of integrating digital assets into the U.S. financial system.