Senate Blocks GENIUS Act, Stalling Stablecoin Regulation and Future Crypto Legislation

The US Senate’s attempt to regulate stablecoins with the GENIUS Act has been blocked after key Democrats withdrew support over security concerns. This setback delays stablecoin regulation and raises doubts about future crypto legislation in Congress. 10 Democratic Senators who previously backed the bill now oppose it, due to worries about anti-money laundering provisions and national security requirements. The vote exposes growing mistrust between parties on crypto policy.