GENIUS Act Stalls After 49–48 Senate Vote, Stablecoin Framework in Limbo

Description

The U.S. Senate failed to advance the GENIUS Act on Thursday in a nail-biting vote, marking a setback to establishing the first-ever set of payment stablecoin regulations. Senate Delivers Blow To Stablecoin Bill Originally introduced by Senator Bill Hagerty (R-TN) in February, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was co-sponsored by Chairman Tim Scott (R-SC) and Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY). After receiving bipartisan su...