On May 8, 2025, the GENIUS Act stablecoin bill failed to secure the necessary 60 votes in the U.S. Senate, receiving 48 'for' and 49 'against'. The document was intended to regulate stablecoin issuers but faced resistance from some Democrats who demanded stricter measures against money laundering and oversight of foreign issuers. Even among Republicans, there was no unity: Senators Rand Paul and Josh Hawley opposed it, fearing excessive regulation and market monopolization. Majority Leader John Thune changed his vote to 'against', preserving the chance for a reconsideration. The failure of the vote creates uncertainty for the crypto market, which was awaiting clear rules. Negotiations are ongoing, but without a compromise, the passage of the GENIUS Act in 2025 seems unlikely. Stay tuned for news from the crypto industry, subscribe to #MiningUpdates
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