GENIUS Act Blocked: Senate Stalemate Could Lead to New Stablecoin Regulation Proposal

The GENIUS Act, aiming for a regulatory framework for stablecoins, has been stalled in the Senate due to concerns from Democrats over consumer protection and national security. Despite efforts by Senate Majority Leader John Thune to push forward with the bill, Sen. Ruben Gallego demanded further discussion before proceeding. This stalemate impacts the regulation of stablecoins, potentially affecting DeFi markets. Industry figures remain cautious about potential regulatory impacts on the crypto markets as a result.