The crypto market is under pressure after the US Senate stalled progress on a key stablecoin bill, with Bitcoin dipping to around $93,860-a 0.15% decrease-amid mounting regulatory uncertainty.
The bipartisan coalition backing the legislation fractured when nine Senate Democrats, including previous supporters, announced they would oppose the bill in its current form due to concerns over anti-money laundering, national security, foreign issuers, and financial system safeguards.
The bill, known as the GENIUS Act, aimed to establish the first comprehensive US regulatory framework for stablecoins. However, Democrats argue it lacks critical protections against illicit use, risks from foreign issuers, and sufficient consumer safeguards.
This deadlock has not only delayed the stablecoin bill but could also slow broader crypto market structure reforms, increasing uncertainty for the industry.
Negotiations are ongoing, and lawmakers hope to revise the bill to address these concerns before a final vote, but the timeline remains uncertain.
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