#USStablecoinBill The U.S. Senate is currently debating the GENIUS Act, a bipartisan bill aimed at establishing the first federal regulatory framework for stablecoins. The legislation mandates that stablecoins be fully backed 1:1 by U.S. dollars or high-quality liquid assets and introduces oversight by the Federal Reserve for large issuers. However, the bill's progress has been hindered by political divisions. Nine Senate Democrats recently withdrew their support, expressing concerns over insufficient measures to address money laundering and financial system risks. Additionally, ethical questions have arisen due to former President Trump's family's involvement in a stablecoin venture that could benefit from the bill's provisions. Despite these challenges, proponents argue that the GENIUS Act is essential for legitimizing stablecoins and maintaining U.S. dollar dominance in the digital economy.
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