The GENIUS Act was blocked by a narrow 48-49 vote in the Senate, failing to establish regulations for stablecoins in the U.S. Opposition revolved around provisions related to former President Trump, leading to significant Democratic resistance.
Senator Elizabeth Warren criticized Trump’s crypto ventures as corrupt and urged a filibuster unless amendments were made. The defeat of the bill leaves stablecoin regulation in uncertainty, hindering financial guidance for issuers.
Market experts suggest that the absence of regulation may contribute to ongoing volatility, impacting adoption and investment in digital currencies.
Full story here: https://coincu.com/336532-senate-blocks-stablecoin-regulation
