Stablecoin GENIUS bill failed Senate vote, Democrats argue Trump is involved in conflict of interest

PANews May 9 news, according to NBC, the U.S. Senate rejected the stablecoin regulatory framework bill GENIUS Act at 48:49, due to collective opposition from the Democratic Party, saying that the Trump family's involvement in cryptocurrencies poses a risk of corruption. Although the Republican Party accounts for the majority, it has not reached the 60-vote procedure threshold. The bill originally planned to establish the first US stablecoin regulatory system. Democrats demand that provisions such as banning government officials from holding crypto assets are not included in the bill. Senate Republicans said they would advance the vote again in the next few days.