The stablecoin bill, which was originally thought to be a sure bet, unexpectedly faltered in the end. The reason for this is that Trump's radical actions in the cryptocurrency field have triggered strong dissatisfaction from the Democratic Party.
After Ripple reached a settlement with the SEC, the storm had not yet calmed down when the Democrats began to dig deep into the potential issues of利益输送 behind the case.
As the investigation deepened, stablecoin companies under the Trump family, TRUMP, MELANIA coins, and the $2 billion cooperation project with Abu Dhabi were successively exposed.
The Democrats questioned his actions of using his power to issue tokens for personal gain during his presidency.
In this context, the highly anticipated "GENIUS Act" was rejected by the Democrats.
The Senate voted 48 to 49, and by a single vote, the bill was completely rejected.
This result is not due to flaws in the bill itself, but rather a trust crisis surrounding the figures involved — people are concerned that legislation could become a tool for certain individuals to seek personal gain and that power could be abused.
Now, the cryptocurrency field has transformed into a new battlefield of political games, and its development is not only related to market conditions but also closely tied to the underlying power dynamics.
