The Senate vote on the stablecoin GENIUS bill failed, with Democrats accusing Trump of conflicting interests in the currency

According to NBC, the US Senate rejected the GENIUS Act, a regulatory framework for stablecoins, by a vote of 48:49 due to collective opposition from the Democratic Party, stating that the Trump family's involvement in cryptocurrency poses a risk of corruption. Although the Republican Party has a majority, it has not reached the 60 vote threshold. The bill was originally intended to establish the first regulatory system for stablecoins in the United States. The Democratic Party demands that provisions prohibiting government officials from holding encrypted assets be included in the bill. Senate Republicans say they will push for another vote in the coming days.