US Stablecoin bill blocked as Democrats withdraw support
Summary
The GENIUS Act, aimed at regulating US stablecoins, failed to pass in the Senate on May 8. Sponsored by Senator Bill Hagerty and co-sponsored by several others, the bill faced opposition from Democrats, who raised concerns about President Trump's cryptocurrency activities. Amendments were made to include stricter requirements for stablecoin issuers and Anti-Money Laundering provisions. The bill sought to provide regulatory clarity for digital assets and promote dollar dominance through stablecoins. Senate Majority Leader John Thune criticized Democrats for their opposition despite accommodations. Further developments are expected.
