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The US GENIUS Act faces political resistance, with 10 senators signing in opposition.
According to Wu, as disclosed by crypto journalist Eleanor Terrett, 10 U.S. senators released a joint statement expressing their inability to support the latest GENIUS bill, citing deficiencies in its provisions regarding Money Laundering, national security, and the safety of the financial system. Signatories of the statement include Democrats such as Ruben Gallego, among whom 4 previously supported the bill in March but have now turned against it. Notably, the controversy surrounding the bill is related to news about the Trump family potentially profiting from crypto projects, further exacerbating political divisions.