The GENIUS Act, aimed at regulating stablecoins in the U.S., failed to pass cloture in the Senate on May 8 due to opposition from Senate Democrats. Despite being amended to include stricter Anti-Money Laundering requirements, the bill, sponsored by Senator Bill Hagerty and co-sponsored by other key senators, faced last-minute pushback. Democrats raised concerns about the influence of former President Trump related to cryptocurrency ventures. The GENIUS Act was intended as a bipartisan effort to provide regulatory clarity for digital assets, focusing on stablecoins for payments, while also addressing dollar dominance in the global market. Following the failed cloture vote, Senate Majority Leader John Thune expressed disappointment, noting that Democrats were accommodated throughout the process.

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