The GENIUS Act, aimed at regulating the US stablecoin market, has faced setback in the Senate. The bill failed a procedural vote on May 8th, with further debate scheduled for May 19-20. This underscores ongoing legislative challenges in establishing clear regulations for this $250 billion market. Despite failing to secure the necessary votes for passage, senators remain optimistic, including Gillibrand, Lummis, and others who believe the bill warrants reconsideration. The vote’s outcome leaves stakeholders uncertain about future regulations. While some lawmakers cite a lack of preparation time as an obstacle, investor sentiment remains cautious. The future of US stablecoin regulation hangs in the balance as the debate continues.