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Senate Rejects GENIUS Act by 1 Vote, Stablecoin Rules Unclear

May 9, 2025
The U.S. Senate has narrowly blocked progress on the GENIUS Act —a bill aimed at shaping federal policy on stablecoins—following a 49-48 vote, with Senate Democrats raising concerns over former President Donald Trump’s cryptocurrency involvement. The bill, introduced by Senator Bill Hagerty and supported by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks,
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