The Stablecoin Regulation Act in the United States, known as the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), is currently facing significant political challenges that threaten its progress in the Senate. 
What is the GENIUS Act?
This law aims to establish the first federal regulatory framework for stablecoin issuers in the United States, providing clear rules for participants in this sector. It was approved by the Senate Banking Committee in March 2025 by a vote of 18 to 6, with support from members of both the Republican and Democratic parties. 
Current Political Crisis
In early May 2025, nine Democratic Senators who had previously supported the bill announced their withdrawal of support for it in its current form. Notable among them are Senators Ruben Gallego and Mark Warner. These members expressed their concerns about: