US Senate Blocks Stablecoin Regulation Bill: Why Did Democrats Oppose It?

The US Senate’s recent rejection of the GENIUS Act, aimed at regulating stablecoins, has sent shockwaves through the cryptocurrency industry. This bipartisan legislation fell short of the required votes (60), resulting in a dramatic 48-49 defeat. While Republicans blame Democrats for hindering the bill’s progress and potentially jeopardizing the US crypto sector’s future, Democrats are citing concerns about potential fraudulent activities facilitated by stablecoins and President Trump’s business ties to the industry as the main reasons behind their opposition.