The U.S. Senate has blocked the GENIUS Act, a crucial bill aimed at regulating stablecoins. This action, driven by Democratic opposition, leaves stablecoin regulation in limbo and puts the crypto industry on hold. While stablecoins like Tether (USDT) and USDC remain legal, their unregulated status raises consumer risk concerns. The absence of federal guidelines has led to fragmented state-level regulations, creating a landscape where companies operate without standardized rules. This decision marks a setback for former President Trump’s efforts to integrate crypto policy into his political agenda. The Senate failed to reach the 60 votes needed to move forward with the bill, leaving it dead in its tracks. While the industry awaits further developments, questions about consumer protection and market stability remain unanswered.