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U.S. Senate Blocks GENIUS Act, Yellen Criticizes Decision

By: coincu news|2025/05/09 20:45:03
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U.S. Treasury Secretary Janet Yellen expressed discontent on May 9, 2025, after the Senate blocked advancing the GENIUS Act in Washington, D.C. Her criticism highlights potential missed opportunities for U.S. leadership in digital asset innovation and global financial influence. Yellen strongly opposed the Senate’s decision to halt the GENIUS Act, stating it disrupted U.S. leadership in stablecoin regulation. The bill, introduced by Sen. Bill Hagerty , faced opposition mainly from Democrats led by Sen. Chuck Schumer. Despite bipartisan recognition of the need for regulatory clarity, procedural challenges prompted Sen. John Thune to vote against the bill for strategic reasons. This impasse leaves U.S. digital asset innovation in a fragmented state. Market Nervousness as U.S. Stalls on Stablecoin Regulations USDC, a U.S. dollar-pegged stablecoin , remains stable at $1.00 as of CoinMarketCap’s last update at 12:19 UTC. Its market cap stands at 60.67 billion, retaining 1.86% market dominance. Trading volume reached 24.44 billion, showing significant activity, though price changes remained minimal over the past 90 days. Coincu analysts indicate potential regulatory adjustments might affect stablecoin adoption within U.S. markets. Historically, lack of clear federal guidelines has corralled innovation in domestic corridors as regions like the EU expand their legislative reach, potentially influencing cross-border digital asset competitiveness . Market Nervousness as U.S. Stalls on Stablecoin Regulations Did you know? In past instances, U.S. legislation failure often leads to increased activity in jurisdictions like the EU and Singapore, which now advance stablecoin frameworks ahead of the U.S. USDC, a U.S. dollar-pegged stablecoin , remains stable at $1.00 as of CoinMarketCap’s last update at 12:19 UTC. Its market cap stands at 60.67 billion, retaining 1.86% market dominance. Trading volume reached 24.44 billion, showing significant activity, though price changes remained minimal over the past 90 days. Coincu analysts indicate potential regulatory adjustments might affect stablecoin adoption within U.S. markets. Historically, lack of clear federal guidelines has corralled innovation in domestic corridors as regions like the EU expand their legislative reach, potentially influencing cross-border digital asset competitiveness .

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