The U.S. Senate narrowly rejected the GENIUS Act, which aimed to establish a stablecoin regulatory framework, with a vote of 48-49. This defeat highlights significant political divides and ongoing regulatory uncertainty in the stablecoin market.
Despite Republican support, Democratic concerns focused on potential corruption linked to the Trump family. Senator Lummis emphasized the need for U.S. leadership in digital assets, calling the situation disappointing.
The failure of the GENIUS Act may hinder innovation and investment, with the Coincu research team indicating further delays in regulatory clarity could impact the competitiveness of U.S. stablecoins.
Full story here: https://coincu.com/336597-senate-rejects-stablecoin-bill
