The US Stablecoin Bill, also known as the Genius Act, is currently under consideration in the Senate. Here's the latest update ¹:

- *Status*: The bill was passed by the Senate Banking Committee with an 18-6 vote in mid-March, but its progress is now uncertain due to lack of support from some Democrats.

- *Democrat Concerns*: Nine pro-crypto Democrats have expressed concerns over the bill's current form, citing the need for stronger provisions on anti-money laundering, national security, and accountability. They've threatened not to support the bill without significant changes.

- *Republican Support*: Senate Majority Leader John Thune has proposed a vote on the bill to the full Senate, but Republicans need Democrat support to reach the required 60 votes for cloture.

- *Controversy*: The bill's prospects are further complicated by controversy surrounding World Liberty Financial, a Trump-backed stablecoin project. Some lawmakers, including Republican Senator Cynthia Lummis and Democrat Senator Elizabeth Warren, have expressed concerns over potential corruption and ties to the UAE government.

*Key Issues:*

- *Anti-Money Laundering*: Democrats are pushing for stronger provisions to prevent money laundering and ensure the stability of the financial system.

- *Foreign Issuers*: There are concerns about the role of foreign issuers in the stablecoin market and potential national security risks.

- *Accountability*: Lawmakers want to ensure that stablecoin issuers are held accountable for meeting the bill's requirements.

The bill's future is uncertain, and negotiations are ongoing to address the concerns of Democrats and secure bipartisan support.