US Senate votes to halt stablecoin bill as rising tensions surge over Trump's crypto involvement
Powered by @unfolded- The U.S. Senate has voted to halt progress on a stablecoin regulation bill amid rising tensions related to President Donald Trump's involvement in the crypto sector.
- Democratic senators expressed concerns about the bill's provisions, including the need for stronger requirements for foreign issuers and anti-money laundering measures.
- The GENIUS Act, which had undergone bipartisan negotiations, requires stablecoins to have full reserve backing and imposes regulations on foreign issuers, but faces criticism and calls for further refinement.
- Trump's activities in the crypto space, including launching memecoins and hosting expensive fundraising dinners, have complicated bipartisan efforts to establish a regulatory framework for digital assets.