๐บ๐ธ US Stablecoin Bill Faces New Challenges
The GENIUS Act, a bipartisan effort to regulate stablecoins in the U.S., is encountering significant opposition. Nine Senate Democrats, including Senators Ruben Gallego and Mark Warner, have withdrawn their support, citing concerns over anti-money laundering provisions, national security, and oversight of foreign stablecoin issuers. ๏ฟผ
Adding to the controversy, the bill is linked to a $2 billion deal involving a Trump-affiliated firm and a UAE-based company, raising ethical questions about potential conflicts of interest. ๏ฟผ
With the Senate vote approaching, the future of the GENIUS Act remains uncertain. Lawmakers emphasize the need for stronger safeguards to protect consumers and the financial system. ๏ฟผ ๏ฟผ