GENIUS Act Falls Quick in Senate Vote

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A US Senate vote on Could 8 introduced an finish to the GENIUS Act, a invoice meant to create clear guidelines for stablecoins tied to the US greenback.

Formally known as the Guiding and Establishing Nationwide Innovation for US Stablecoins of 2025 Act, it failed to achieve sufficient help after a number of Democratic Senators backed away.

The proposal aimed to set clear guidelines for firms issuing stablecoins, particularly these used for funds. Senators from each events had labored on the invoice, together with Invoice Hagerty, Tim Scott, Cynthia Lummis, Kirsten Gillibrand, and Angela Alsobrooks.

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To realize extra help, the invoice had been up to date with more durable anti-money laundering measures. These modifications have been meant to ease worries about how stablecoins could possibly be misused. Regardless of these changes, the measure didn't collect the 60 votes wanted to finish debate and head to a last choice.

In a Could 9 publish on X, Senator Lummis stated she was "deeply disillusioned" and harassed that digital belongings are right here to remain, with the US needing to take the lead.

Treasury Secretary Scott Bessent additionally famous that with out US management, different international locations might set the tone for stablecoin growth.

Democratic Senators' shift on the GENIUS Act got here as issues grew about President Donald Trump’s rising curiosity in crypto companies.

Lately, Elizabeth Warren and Adam Schiff known as for an ethics investigation after President Trump invited main holders of his meme coin, OFFICIAL TRUMP (TRUMP), to non-public dinners. What did they are saying? Learn the complete story.

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