US Senate, Stablecoin regulation bill 'Genius Act' failed to be submitted to plenary session... Stalled by political strife

Democratic Senator Elizabeth Warren Who Blocked Passage Of The Stablecoin Law (Source: The Independent)

The Stablecoin Regulatory Bill (GENIUS Act) Introduced In The U.S. Senate Failed To Be Presented At The Plenary Session Due To Political Conflict Between Parties. According To Cointelegraph, Senate Banking Committee Chairman Tim Scott Criticized In A Senate Speech, “The Genius Act Was Expected To Be An Important First Step In Promoting Innovation And Reducing Transaction Costs, But Political Division Obstructed It.”

He Further Pointed Out, “It Seems That The Intention To Block President Donald Trump’s Legislative Achievements Affected The Failure To Present This Bill.” This Analysis Suggests That A Bill Led By The Republican Party Was Thwarted By Political Interests.

The Genius Act Requires Stablecoin Issuers To Obtain Licenses, Secure 100% Reserves, And Ensure Transparent Disclosure. The Industry Had Noted This Bill As The Key Legislation To Set Regulatory Standards For Stablecoins In The U.S.

Regarding The Failure To Present The Bill, The Cryptocurrency Industry Expressed Disappointment And Criticized That Political Debate Is Hindering Innovation. In Particular, As The Clarity Of Stablecoin Regulation Is Not Yet Secured, There Are Growing Concerns That The U.S. May Lag Behind In The Global Digital Asset Market.

Senator Tim Scott Indicated The Intention To Pursue The Bill Again, Stating, “Beyond Political Conflict, Practical Discussions For Financial Innovation And Market Transparency Are Necessary.” The Market's Focus Is On Whether The Bill Will Be Discussed Again In The Next Session.