U.S. Senate Halts Efforts on Stablecoin Regulation, Criticized by Treasury

The U.S. Senate has blocked the GENIUS Act, a crucial piece of legislation aimed at establishing a unified framework for regulating stablecoins. This decision has drawn significant criticism from the U.S. Treasury Department and other industry figures. The absence of a clear regulatory structure could lead to a fragmented environment for stablecoin operations, potentially driving innovation away from the United States and weakening its global financial dominance.