US Senate Fails to Advance Stablecoin Regulation Bill
- The US Senate did not advance the GENIUS Act, aimed at establishing a regulatory framework for stablecoins.
- Senator Cynthia Lummis expressed disappointment over the failure to pass the bipartisan legislation.
- Senate Banking Committee Chairman Tim Scott attributed the failure to political opposition linked to former President Trump.
- Ten Senators who initially supported the bill rejected it due to concerns over anti-money laundering and national security rules.
- Senator John Thune plans to reintroduce the bill, which was previously set for a final vote before May 26.
The GENIUS Act failed to progress in the Senate due to political disagreements and demands for stricter regulations, with plans underway for its reintroduction.
Source (2.6)https://coingape.com/us-senate-fails-to-advance-genius-act/?rand=24432
