A crucial vote on stablecoin regulation is expected in the U.S. Senate today, with Democrats raising serious concerns about the recently unveiled GENIUS bill. While this legislation could mark a major win for the cryptocurrency industry, Democratic senators have criticized it for potentially enabling former President Trump to profit from his own stablecoin and allowing platforms like X to issue their own stablecoins. They also point out loopholes that could enable terrorist financing or criminal activity. The bill’s emphasis on robust asset backing and compliance with anti-money laundering regulations has been met with praise by some, but Senator Elizabeth Warren and Representative Maxine Waters express cautiousness about its potential impact on the crypto sector. A total of 60 senators are required to approve this legislation. This latest development throws a spotlight on the complex negotiations surrounding stablecoin regulation as it stands before today’s vote.