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A proposed stablecoin regulation bill in the US has hit a roadblock in the Senate due to partisan disagreements. The GENIUS Act, introduced by Senator Bill Hagerty, aims to enforce strict reserve requirements for stablecoin issuers but faces opposition over unresolved issues.
- The GENIUS Act requires stablecoin issuers to maintain 1:1 asset backing with USD, insured deposits, or Treasury securities.
- Democrats oppose the bill over unresolved issues like anti-money laundering, foreign issuers, and financial system safety.
- The bill failed a Senate cloture vote (48-49) after Republicans rejected additional negotiation time.
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