Trump’s Cryptocurrency Ventures Sink Senate Stablecoin Bill

President Trump’s involvement in the cryptocurrency market has led to a setback for efforts to regulate stablecoins. The Senate’s vote on the GENIUS Act, which aimed to create federal rules for these crypto assets, failed 48-49. This failure was attributed not to political disagreements but to conflicts of interest stemming from Trump’s own cryptocurrency ventures. The bill’s demise occurred as senators grappled with Trump’s coin empire.