BREAKING: US Senate Rejects Crypto-Friendly GENIUS Act – Here Are the Details

BREAKING: US Senate Rejects Crypto-Friendly GENIUS Act – Here Are the Details According to breaking news, the US Senate voted down the stablecoin bill that cryptocurrency advocates were eagerly awaiting. The US Senate has put the GENIUS Act, a stablecoin bill that is expected to shape the future of the cryptocurrency industry, to a vote. However, the bill was rejected with 48 “yes” and 49 “no” votes. Senator Cynthia Lummis expressed disappointment in a statement following the vote: “I am deeply disappointed that we failed to pass this important bipartisan stablecoin legislation today. Digital assets are the future of finance, and America must be a leader in this space. I thank President Trump, Senator Gillibrand, Leader Thune, Chairman Scott, and Senator Hagerty for their commitment to keeping digital asset companies and jobs in our country. We must continue to advance regulations that protect America’s dollar dominance and make our country the crypto capital.” Democratic Senator Mark Warner (Virginia) made a separate statement, noting that the content of the law has not yet been finalized: “Stablecoins have an undisputed place in the future of finance. The US must set the standard for responsible innovation in this space. We have made meaningful progress with the GENIUS Act, but the text of the bill is not yet complete. As it stands, I cannot ask my colleagues to vote for this bill. I am committed to working to strengthen the legislation, and I hope we can move the process to the Senate plenary next week to consider its final version.” The bill is expected to be brought up again in the Senate in the future and voted on with amendments. *This is not investment advice.