The vote on the stablecoin bill in the US Senate failed, and the Democratic Party opposed it due to Trump's affiliation issues

According to Foresight News, NBC News reported that the vote in the US Senate to advance the stablecoin GENIUS Act failed with 48 votes in favor and 49 votes against. The bill requires 60 votes to pass, with Republican Senators Josh Hawley and Rand Paul, as well as all Democrats present, voting against it. The Democratic Party, concerned about the connection between the Trump family and the cryptocurrency industry, called for strengthening anti-corruption provisions and prohibiting members of the executive branch from holding cryptocurrencies, but did not receive concessions from the Republican Party. Senate Minority Leaders Chuck Schumer and Elizabeth Warren are pushing for a Democratic pause in support to push for more changes. Previously, the bill received support from five Democrats in the Senate Banking Committee, but the Democratic stance shifted due to controversy surrounding the investment of Abu Dhabi backed investment firms in the Trump family's cryptocurrency project, World Liberty Financial.