PANews reported on May 9 that according to NBC, the U.S. Senate rejected the GENIUS Act, a stablecoin regulatory framework bill, by a vote of 48:49, due to the collective opposition of the Democrats, who said that the Trump family's involvement in cryptocurrencies posed a corruption risk. Although the Republicans held a majority, they did not reach the 60-vote procedural threshold. The bill was originally intended to establish the first U.S. stablecoin regulatory system. The Democratic Party's request to prohibit government officials from holding crypto assets and other clauses were not included in the bill. Senate Republicans said they would push for another vote in the next few days.