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This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The GENIUS Act, aimed at regulating stablecoins, narrowly failed to pass Senate cloture after Democratic opposition. Concerns over former President Trump’s crypto ventures played a key role in the bill’s setback. The legislation had already incorporated stricter AML provisions to address critics.
- The GENIUS Act failed Senate cloture by one vote due to Democratic opposition linked to Trump's crypto ventures.
- Amendments added stricter AML rules for stablecoin issuers, but were insufficient to secure passage.
- Bipartisan co-sponsors included Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks.
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