The U.S. "GENIUS" stablecoin regulation bill fails to pass! The Trump family's encryption business becomes the flashpoint, leading to a breakdown in bipartisan negotiations.

The U.S. Senate's key stablecoin regulation bill, GENIUS, was frustrated by the collective opposition of Democrats calling for a ban on members of the executive branch, including President Trump and his family, from owning or trading cryptocurrencies. (Synopsis: Trump has amassed wealth in 100 days, and the Senate must thoroughly investigate to the end) (Background supplement: Trump was choked as "the fattest president in history": two crypto dinners in May, 1.5 million magnesium for seats) Since taking office in January this year, US President Trump has indeed actively promoted the development of the US cryptocurrency industry as his campaign promised, and one of the most representative policies is to promote the legislative work of the GENIUS Act aimed at regulating the stablecoin market. However, the case failed to pass in a procedural vote on Thursday (8th), showing that although the potential for bipartisanship was initially shown, the negotiations ultimately failed due to deep partisan differences and controversies surrounding the cryptocurrency business of President Trump's family. THE GENIUS STABLECOIN BILL FAILED TO BREAK THROUGH THE "GENIUS BILL" AIMS TO ESTABLISH THE FIRST CLEAR REGULATORY FRAMEWORK FOR THE ISSUANCE OF STABLECOINS IN THE UNITED STATES, BUT UNFORTUNATELY LAST NIGHT IN THE U.S. SENATE, WITH A VOTE OF 48 IN FAVOR AND 49 AGAINST, IT FAILED TO MEET THE 60 VOTES THRESHOLD NEEDED TO MOVE FORWARD. (Republicans have a 53-47 majority in the Senate) Notably, Senate Majority Leader John Thune (Republican) also voted "no," though this is usually a procedural tactic to make it easier to resubmit bills for consideration in the future. Bipartisan negotiations break down: the Trump family's crypto business is the fuse The main reason for the failure of the bill is the collective opposition of the Democratic Party, and the core reason for its change of position is the concern about the President Trump family's cryptocurrency business. Democrats are seeking clear provisions that prohibit members of the executive branch, including President Trump and his family, from owning or trading cryptocurrencies, as well as stronger anti-corruption provisions. Last month, an Abu Dhabi investment firm announced plans to invest billions of dollars in the Trump family's cryptocurrency venture, World Liberty Financial. The news quickly sparked a backlash from Senate Democrats. Several Democratic senators have expressed severe criticism of this, calling this huge investment "evidence" that the former president used his position for personal gain. Senators Elizabeth Warren (Democrat) and Jeff Merkley (Democrat) wrote to Jamieson Greer, acting director of the Office of Government Ethics, on Monday, bluntly stating: "The Trump administration's opportunity to offer benefits to the UAE in exchange for huge returns is surprising." The two senators also signed the End Crypto Corruption Act, which aims to prohibit presidents, legislators, and their families from receiving financial benefits, issuance, endorsement, or sponsorship from crypto assets. It is clear that this bill directly targets Trump's family's cryptocurrency activities, including unconventional cryptocurrency attempts such as Trump's dinner for top investors in his meme coin $TRUMP and a private tour of the White House. Bill Content and Future Outlook: Regulatory Grey Area Challenges Looking back, the GENIUS Act bill covers a wide range of regulations: it includes regulations on which entities can issue payment stablecoins (such as OCC-approved federal entities and state entities approved by state regulators) and requires issuers to comply with key regulations such as anti-money laundering (AML), sanctions programs, and customer verification (KYC). In addition, the bill requires stablecoins to be fully backed by specific highly liquid assets, provides bankruptcy protection provisions, and prohibits any misleading promotion of stablecoins as legal repayment. This failure means that the US stablecoin market will continue to be in a regulatory gray area. This could not only affect the healthy growth and stability of the market, but could also weaken the U.S. leadership in international stablecoin regulation. While Senate Majority Leader Thune's procedural "no" vote leaves open the possibility for "GENIUS" to be resubmitted for consideration in the future, the failure reveals the ongoing challenges and complexities facing cryptocurrency regulation in the United States. Related reports Trump positively denied using cryptocurrencies to make money: "I haven't seen it, holding positions may be profitable" New York Times long article: dig up the Trump family's "crypto blood earning plan" from scratch The United States owes Taiwan, Japan and South Korea allies? Trump: I'm not sorry at all, China's 145% tariff is what they deserve to fail the US "GENIUS" stablecoin regulation law! The Trump family's crypto business became the fuse, and the bipartisan negotiation broke the situation" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".