Senate Stalls Stablecoin Bill, Safeguarding Tether’s Unregulated Reign

Tether’s grip on stablecoins in the U.S. remains unshaken after the Senate failed to pass a key reform bill that could have drastically changed the landscape of the industry. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which aimed to promote transparency and accountability in stablecoin issuers, fell short of advancing to a formal vote on Thursday. This setback provides crucial breathing room for Tether, currently navigating accusations of lacking transparency and murky reserve practices, as its unregulated status remains undisturbed.