U.S. Senate Blocks Stablecoin Regulation Effort

The U.S. Senate failed to pass a proposed framework for regulating stablecoins due to disagreements over potential corruption risks associated with President Donald Trump’s family involvement in cryptocurrency, according to PANews. The GENIUS Act, which aimed to establish the first regulatory system for stablecoins in the United States, was voted down by just one vote on the floor, falling short of the 60-vote threshold required for passage. Democrats were key opponents due to concerns that the bill lacked provisions prohibiting government officials from holding crypto assets.