The U.S. Senate's recent vote on the GENIUS Act, which aimed to establish a regulatory framework for stablecoins, ended with a narrow margin of 48 against and 49 in favor, highlighting significant political divisions.
This rejection reflects existing tensions around cryptocurrency regulation, stalling efforts to create a coherent federal structure for the $246 billion stablecoin market.
Republicans criticized Democrats for obstructing progress, while industry voices expressed concern about the uncertainty this decision creates for market participants.
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