#USStablecoinBill The U.S. Senate is currently deliberating the GENIUS Act, a bipartisan bill aiming to establish the first federal regulatory framework for stablecoins. This legislation mandates that stablecoins be fully backed on a 1:1 basis with U.S. dollars or other approved high-quality liquid assets, and requires issuers to adhere to strict reserve and disclosure standards.  

However, the bill’s progression has encountered obstacles. Nine Senate Democrats, who initially supported the legislation, have withdrawn their backing, citing concerns over insufficient provisions for anti-money laundering, national security, and accountability standards. Additionally, the bill’s association with former President Donald Trump, including reports of a $2 billion deal involving stablecoins issued by a Trump-affiliated firm, has intensified scrutiny and political tensions.  

Despite these challenges, proponents argue that the GENIUS Act is essential for providing clarity in the rapidly evolving digital asset space and for maintaining U.S. leadership in financial innovation. The bill’s future remains uncertain as lawmakers continue to negotiate its provisions and address the raised concerns.