In a significant vote, Senate Democrats blocked the GENIUS Act, which aimed to regulate stablecoins, with a 49-48 outcome lacking the necessary 60 votes for passage. Their opposition stemmed from concerns that the legislation could benefit former President Trump and insufficient consumer protections. All Democrats voted against moving the bill forward, despite previous Democratic support. They called for stronger safeguards against corruption and accountability for those who violate stablecoin regulations, reflecting unease over Trump’s ties to the cryptocurrency market. The failure is a setback for the legislation, which seeks to create a federal framework for the rapidly growing stablecoin industry.