#USStablecoinBill What is happening with the stablecoin bill in the U.S.?

The U.S. stablecoin bill, known as the GENIUS Act, aims to establish the first federal regulatory framework for issuers of these digital currencies backed by real assets. Although it initially had bipartisan support, it has recently faced significant obstacles.

Nine Democratic senators, who previously backed the initiative, have withdrawn their support citing concerns about the lack of robust anti-money laundering measures, risks to national security, and the need for stricter oversight of foreign issuers like Tether. Additionally, it has been pointed out that the bill could benefit companies linked to former President Donald Trump, which has intensified political scrutiny.

Senator Chuck Schumer has urged Democrats not to compromise their support until additional revisions are introduced to strengthen the bill. Meanwhile, Republicans, led by Senator Bill Hagerty, are pushing to move forward with the Senate vote.

This unexpected turn casts doubt on the approval of the GENIUS Act and reflects the deep divisions on how to regulate stablecoins in the U.S.