The stablecoin GENIUS bill failed to pass in the Senate, with Democrats pointing to Trump's conflict of interest regarding coins.

PANews May 9 news, according to NBC reports, the U.S. Senate rejected the stablecoin regulatory framework bill GENIUS Act with a vote of 48 to 49, due to collective opposition from the Democrats, who claimed that the Trump family’s involvement in crypto assets poses a risk of corruption. Although the Republicans hold the majority, they did not reach the 60-vote procedural threshold. The bill was originally intended to establish the first U.S. regulatory system for stablecoins. The Democrats' demands to prohibit government officials from holding crypto assets and other provisions were not included in the bill. Senate Republicans stated they would push for a vote again in the coming days.