In a massive development for the crypto industry, the US Senate has failed to advance the GENIUS Act to the floor of the House following a key procedural vote. Following allegations of corruption against US President Donald Trump, Democratic Senators had asked for an amendment to the bill, but these Senators have now voted ‘no,’ a move which Republican Senators claims to be them playing politics.
GENIUS Act Fails To Advance To Next Stage
In an X post, Republican and pro-crypto Senator Cynthia Lummis revealed that the US Senate has failed to advance the GENIUS Act, which aims to introduce a regulatory framework for stablecoins. The Senator made her displeasure known, stating that she is deeply dissapointed that they were unable to pass the “important bi-partisan crafted stablecoin legislation today.
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