A key piece of legislation aimed at regulating US stablecoins is facing pushback from Democratic senators, threatening its path to passage and potentially impacting the future of cryptocurrency regulation in the U.S. The GENIUS Act, which requires bipartisan support for successful implementation, has seen momentum stalled after Democratic senators withdrew their committee-backed backing, citing a need for stronger provisions. The bill’s supporters, including Senator Bill Hagerty, Senate Majority Leader John Thune, and other cosponsors, will have to secure necessary support from across the aisle to move forward with this legislation. With its success hinging on bipartisan agreement, the act holds significant implications for consumer protection and innovation within the crypto space. The bill’s passage could position the U.S. favorably in a global cryptocurrency landscape where regulatory clarity is crucial.