U.S. Senate Blocks Stablecoin Regulation with 48-49 Vote – Coincu
The post U.S. Senate Blocks Stablecoin Regulation with 48-49 Vote – Coincu appeared on BitcoinEthereumNews.com. Key Points: The GENIUS Act failed to advance with a narrow 48-49 Senate vote. Bill aimed to regulate stablecoins in the U.S. Opposition centered on provisions related to former President Trump. In a closely contested vote, the U.S. Senate blocked the GENIUS Act on May 8, 2025. The bill intended to establish regulation for stablecoins, but was halted by a 48-49 vote. The vote’s failure prevents immediate regulation of stablecoins, maintaining uncertainty for issuers. Democratic opposition focused on banning executive officials, including Trump, from crypto activities. GENIUS Act Fails Amidst Political Discord in Senate The GENIUS Act, introduced by Sen. Hagerty, intended to set a regulatory framework for stablecoins. Despite bipartisan effort, it faced significant opposition. Democratic senators collectively voted against, partially due to its lack of prohibitions on Trump’s crypto activities, which some termed corrupt. Senator Elizabeth Warren, in opposition to the legislation, characterized Trump’s crypto ventures as “blatantly corrupt,” urging Democrats to filibuster the bill unless specific provisions were included. With the failure of the vote, the potential for a regulated stablecoin market becomes uncertain, impacting financial systems and mainstream adoption. The bill’s defeat left issuers without guidance. Senator Mark Warner emphasized the need for regulation, indicating Democrats see it as crucial. Rand Paul and Josh Hawley opposed the act, expressing concerns about tech giants like Amazon issuing stablecoins. Elizabeth Warren’s opposition highlighted the political tension. Market Uncertainty Lingers as Stablecoin Regulation Stalls Did you know? The GENIUS Act faced more opposition compared to earlier efforts to regulate stablecoins, reflecting a deepening political divide. CoinMarketCap reports Dogecoin (DOGE) has a current price of $0.19 and a market cap of 28,900,927,533. With a trading volume of 1,996,816,886, DOGE saw 6.71% price increase in 24 hours and 37.62% in 30 days, but a 90-day decrease of -21.47%. Dogecoin(DOGE), daily chart,…
The post U.S. Senate Blocks Stablecoin Regulation with 48-49 Vote – Coincu appeared on BitcoinEthereumNews.com.
Key Points: The GENIUS Act failed to advance with a narrow 48-49 Senate vote. Bill aimed to regulate stablecoins in the U.S. Opposition centered on provisions related to former President Trump. In a closely contested vote, the U.S. Senate blocked the GENIUS Act on May 8, 2025. The bill intended to establish regulation for stablecoins, but was halted by a 48-49 vote. The vote’s failure prevents immediate regulation of stablecoins, maintaining uncertainty for issuers. Democratic opposition focused on banning executive officials, including Trump, from crypto activities. GENIUS Act Fails Amidst Political Discord in Senate The GENIUS Act, introduced by Sen. Hagerty, intended to set a regulatory framework for stablecoins. Despite bipartisan effort, it faced significant opposition. Democratic senators collectively voted against, partially due to its lack of prohibitions on Trump’s crypto activities, which some termed corrupt. Senator Elizabeth Warren, in opposition to the legislation, characterized Trump’s crypto ventures as “blatantly corrupt,” urging Democrats to filibuster the bill unless specific provisions were included. With the failure of the vote, the potential for a regulated stablecoin market becomes uncertain, impacting financial systems and mainstream adoption. The bill’s defeat left issuers without guidance. Senator Mark Warner emphasized the need for regulation, indicating Democrats see it as crucial. Rand Paul and Josh Hawley opposed the act, expressing concerns about tech giants like Amazon issuing stablecoins. Elizabeth Warren’s opposition highlighted the political tension. Market Uncertainty Lingers as Stablecoin Regulation Stalls Did you know? The GENIUS Act faced more opposition compared to earlier efforts to regulate stablecoins, reflecting a deepening political divide. CoinMarketCap reports Dogecoin (DOGE) has a current price of $0.19 and a market cap of 28,900,927,533. With a trading volume of 1,996,816,886, DOGE saw 6.71% price increase in 24 hours and 37.62% in 30 days, but a 90-day decrease of -21.47%. Dogecoin(DOGE), daily chart,…
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