Senate Blocks Crypto Bill Amid Trump Controversy

Efforts to regulate cryptocurrency in the U.S. have intensified as Senate Democrats blocked the bipartisan GENIUS Act, which aimed to regulate stablecoins, citing concerns over anti-money laundering, national security, and former President Donald Trump's and his family's crypto activities. In the House, Democrats led by Rep. Maxine Waters objected to joint hearings with Republicans, focusing on conflicts of interest and 'pay-to-play' allegations related to Trump’s memecoin and related ventures. Trump has publicly endorsed cryptocurrency, warning that the U.S. could fall behind China in digital asset leadership if it fails to act. Lawmakers from both parties have raised ethical and national security questions, with some even calling for stricter oversight and impeachment. Despite these controversies, institutional adoption of crypto is rising and regulatory frameworks are progressing globally, highlighting the sector's growing acceptance. The debate underscores the complex intersection of politics, ethics, and innovation in the U.S. crypto landscape.