The #USStablecoinBill particularly the GENIUS Act, aims to establish a federal regulatory framework for payment stablecoins. It proposes licensing for issuers, mandates 1:1 reserve backing with liquid assets, and emphasizes consumer protection and financial stability.

However, the bill faces headwinds. Nine Senate Democrats recently withdrew their support, citing insufficient safeguards against money laundering, risks from foreign issuers, and inadequate consumer protections. This bipartisan setback casts doubt on its near-term passage, as 60 votes are needed in the Senate. The evolving landscape necessitates further negotiations to address these critical concerns and forge a path for responsible stablecoin regulation in the US