US Stablecoin bill blocked as Democrats withdraw support

The Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, known as the GENIUS Act, failed to pass cloture in the United States Senate on May 8, dealing a slight blow to cryptocurrency regulation in the country. To address the concerns of Senate Democrats, the bill had already been amended to include stricter requirements for stablecoin issuers for further provisions for Anti-Money Laundering. The GENIUS Act was seen as a bipartisan effort to increase regulatory clarity for digital assets in the United States source: https://cointelegraph.com/news/us-genius-stablecoin-act-fails-to-pass-cloture-by-to-vote?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound