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U.S. Senate Divided Over GENIUS Act as Stablecoin Deadline Looms
U.S. Senate Divided Over GENIUS Act as Stablecoin Deadline Looms
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The GENIUS Act, aimed at establishing federal oversight for stablecoins, has become a flashpoint in the U.S. Senate. Pro-crypto Democrats are attempting to broker a compromise with Republicans ahead of an August regulatory deadline, but face stiff opposition from party colleagues wary of Trump-linked interests in the sector.
White House support for the legislation adds urgency to negotiations, with Senators Gallego, Warner, and Alsobrooks leading bipartisan talks. Their efforts confront determined resistance from progressive lawmakers including Senators Warren and Merkley, who view the bill as overly favorable to industry interests.
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