BlockBeats News, on May 9, reported by NBC, the U.S. Senate voted down the "Stablecoin Innovation and Security Act" (GENIUS Act) with a vote of 48 to 49, as Democrats collectively opposed the motion to advance the bill. The bill aims to establish the first regulatory framework for the issuance of stablecoins (digital tokens pegged to fiat currencies like the U.S. dollar) in the United States.
This bill requires 60 votes to enter the final voting procedure in the Senate, while Republicans currently hold a narrow advantage with 53-47 seats. Democrats have called for the inclusion of explicit provisions prohibiting executive officials, including former President Trump and his family members, from holding or trading cryptocurrencies and strengthening anti-corruption measures.
According to two insiders, after passing through the committee, the bill has been amended at the request of Democrats, including retaining states' regulatory authority over foreign-issued stablecoins and expanding the monitoring scope of suspicious transactions for stablecoin users.