Today, the US Senate is set to vote on the GENIUS Act, a proposed bill introducing new regulations for stablecoins. Its fate remains uncertain amid strong opposition from Democrats.

The Senate Banking Committee Democrats criticized the bill, with their staff circulating a letter signed by 46 advocacy groups, despite recent bipartisan amendments.

Initially perceived as likely to succeed, the GENIUS Act faced a setback, and its future hinges on the upcoming vote. The crypto industry supports the bill, but Democratic resistance persists due to concerns about corruption and unfair business practices.

The bill's amendments aim to exclude Big Tech companies from issuing stablecoins, leaving room for private firms like Elon Musk's X. Critics argue that this could lead to ambiguous distinctions between banking and commerce. Moreover, they highlight risks related to crime in the stablecoin ecosystem and potential lack of safeguards in the event of an issuer's collapse.

Despite these challenges, the outcome of the vote remains uncertain as the Senate convenes for proceedings that will begin later today.