The GENIUS Act on U.S. Stablecoins for 2025 failed
On May 8, the U.S. National Stablecoin Innovation Act of 2025, also known as the GENIUS Act, did not pass the cloture vote in the U.S. Senate, resulting in a minor setback for cryptocurrency regulation in the U.S. This bill was sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks.
Despite taking steps to meet the demands of the Democratic Party - including stricter provisions for stablecoin issuers to ensure anti-money laundering, the bill faced last-minute opposition. Democratic Senators criticized President Donald Trump's ties to cryptocurrency, causing concern.
Although seen as a bipartisan effort to enhance regulatory clarity for digital assets in the U.S., the focus of the bill is the use of stablecoins for payments. The goal is to increase the dominance of the U.S. dollar internationally and steer clear of more controversial cryptocurrency issues. When the procedure failed, Senate Majority Leader John Thune criticized the Democrats for their approach.
This development is still being monitored and more information will be updated as it becomes available.
Source: https://tintucbitcoin.com/du-luat-stablecoin-hoa-ky-tac-nghen-do-dang-dan-chu-rut-lui/
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