The U.S. Senate's #GENIUSAct, aiming to regulate #stablecoins, faces hurdles as nine Democrats, including Senators Ruben Gallego and Mark Warner, withdrew support over concerns about money laundering and financial risks. The bill, co-sponsored by Senators Bill Hagerty and Kirsten Gillibrand, had previously passed the Senate Banking Committee with bipartisan backing. However, its association with former President Trump's $2 billion stablecoin venture has intensified scrutiny, leading to internal Democratic divisions and stalling its progress.
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