Bipartisan Stablecoin Bill Advances Amid Political Tensions Over Trump Crypto Holdings
A bipartisan effort to revive stalled stablecoin legislation gained momentum in the U.S. Senate this week, with Senators Bill Hagerty (R-TN) and Angela Alsobrooks (D-MD) pushing for a pre-recess vote. The move comes as progressive Democrats raise concerns about former President Trump’s cryptocurrency ventures, which include several blockchain-based projects launched since his return to private life.
The GENIUS Act failed to advance by a single vote (48-49) on Thursday, dealing a blow to crypto advocates who view regulatory clarity as crucial for mainstream adoption. Political tensions surrounding digital assets have intensified in Washington, with Trump’s crypto dealings becoming an unexpected flashpoint in the debate over stablecoin regulation.
