A rare bipartisan deal to regulate stablecoins is now on life support, underscoring how a proposal with widespread backing from lawmakers and industry players can get caught up in the political maelstrom over the Trump family’s business conflicts.
A bloc of Democrats and Republicans in the US Senate stood ready to advance the “GENIUS Act” (S. 1582), supported by many digital asset and consumer advocates as way to place federal guardrails on the $205 billion stablecoin market.
But the legislative push collapsed last week after Democrats demanded provisions ensuring that the president and vice president are covered by ...
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