### US Stablecoin Regulation Faces Setback The GENIUS Act, a proposed US stablecoin regulation bill, has failed to advance in the Senate. A cloture vote on April 8th (local time) prevented its introduction to the plenary session, effectively stalling its progress. ### Democratic Opposition Sinks Stablecoin Bill Previously enjoying bipartisan support after passing the Senate Banking Committee in March, the GENIUS Act met unexpected resistance. Nine Democratic senators, including co-sponsor Angela Alsobrooks, withdrew their support, citing concerns that were not clearly defined in the news. ### Future of Crypto Legislation Uncertain This rejection significantly diminishes the GENIUS Act's chances of Senate passage and may negatively impact other pending cryptocurrency legislation. The political landscape surrounding crypto regulation remains complex and fluid. The lack of unity on crucial bills is an issue to future regulation of the industry. ```