Senate Democrats Block GENIUS Act in 49-48 Vote Over Trump's Ties to Binance

Senate Democrats blocked the bipartisan GENIUS Act, aimed at regulating stablecoins, in a close 49-48 vote. The decision was influenced by concerns over President Donald Trump's potential to profit from his cryptocurrency ventures, including his meme coin which generated over $320 million in fees, and the stablecoin USD1 issued by Trump-affiliated World Liberty Financial, used in a $2 billion investment by an Abu Dhabi fund in Binance. The bill, which had previously received some Democratic support, failed to advance due to last-minute opposition from Democrats who demanded stronger protections against money laundering and foreign issuers. They also sought to prevent elected officials and their families from engaging in stablecoin business ventures. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io