Senate Impasse Undermines Future of Legislation on Stablecoins with Obstacles to the GENIUS Act
The U.S. Senate failed to approve a critical procedural vote for the advancement of the GENIUS Act. Insider information indicates that certain Democratic senators, who previously expressed support for the bill, changed their stance to opposition in the vote that took place on Thursday. This shift in position stems from concerns related to the anti-money laundering and national security clauses present in the latest version of the legislative proposal. Although Republicans pushed for the vote, they did not obtain the necessary number of votes, resulting in a temporary shelving of the bill. The White House initially planned to formalize a legislative agreement on cryptocurrencies in August, during a ceremony in the Rose Garden, but the current landscape points to uncertainties regarding the realization of this plan.