The GENIUS Act, aimed at regulating US stablecoins, encounters significant Senate hurdles. Democratic opposition is significant, with critics highlighting potential loopholes that could enable private companies to issue stablecoins, raising concerns around corruption and consumer safety.
If the GENIUS Act fails to pass today, it could delay substantial crypto regulation until after the midterms, impacting market structures and tax laws. Advocacy groups and Senate Democrats emphasize the need for robust safeguards in any stablecoin legislation.
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