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The 2024 battle for the Senate started with a bang earlier this year and has not let up, as candidates in top races continue to roll out their campaigns and incumbents scratch and claw to win reelection. Their efforts will determine who will control the upper chamber for the next two years.

Democrats are trying to play defense in a number of red-leaning states to hold on to their one-seat majority, while Republicans fight recruiting battles in several states to give them the best shot at winning a majority.

While it is too early to tell which side’s maneuvering will pay off, here’s a midsummer rundown of the five Senate seats most likely to flip next year. West Virginia 

The top spot in these rankings remains unchanged as Sen. Joe Manchin (D-W.Va.) faces a true uphill battle to retain his seat and secure a third full term in the Senate.

Republicans have been licking their chops at the possibility of unseating Manchin and, unlike in 2018, they seem to have their best candidate in place to do just that in West Virginia Gov. Jim Justice (R). An East Carolina University (ECU) survey released in late May shows Justice leading the incumbent centrist Democrat by more than 20 percentage points. 

In order for Justice to make it that far, he must overcome a potentially tricky challenge against Rep. Alex Mooney (R-W.Va.), who is backed by conservative forces. The ECU poll also shows Justice with a 40-point lead over Mooney, though some of that advantage is owed to his massive name ID. 

Facing political challenges back home, Manchin has been on an offensive against President Biden’s spate of nominations in recent months, having said that he will oppose all his Environmental Protection Agency (EPA) nominees and voted against multiple judicial selections in recent weeks. He also opposed Biden’s choice of top economic adviser and is likely to oppose Julie Su’s nomination to lead the Department of Labor, if she ever comes up for a vote on the floor.

Allies, however, say this isn’t anything unusual and that it’s just how he operates.

“The recent opposition is just who he normally is. He reviews all nominees the same way,” said Jon Kott, a former Manchin spokesperson, who noted what Manchin used to tell him about how he considers nominees. “He’d say, ‘I look at them and say: Are they good for the state of West Virginia and the good of the country?’”

“I just think it’s getting more scrutiny because it’s the political season,” Kott added. 

Of course, Manchin has yet to announce whether he’ll even seek reelection, with a decision expected in December or shortly before the January filing deadline, as he continues to flirt with a third-party presidential bid.  Montana

It was a big week in Big Sky as Tim Sheehy, a retired Navy SEAL turned businessman, threw his hat into the ring and gave Republicans their best hope to finally defeat Sen. Jon Tester (D-Mont.) next year.

Sheehy is among the top recruits this cycle for Sen. Steve Daines (R-Mont.), the chairman of the National Republican Senatorial Committee, who badly wants to topple the three-term Montana Democrat. The newly minted GOP candidate has a lot of things going for him, headlined by his business background, military service and bank account largesse — a trio that Republicans argue is sterling.

Strategists argue that while he looks great on paper, first-time, millionaire candidates can have trouble resonating with voters. This was seen last cycle when David McCormick in Pennsylvania was unable to escape the primary and has since lamented that he didn’t find his sea legs until it was too late. Ironically, he, too, is atop Daines’ wish list this year.

But for now, Republicans are flying high over Sheehy.

“It’s been proven that Tester is tough and if we’re serious about winning the seat, we need to put forward our best candidate,” one national GOP strategist told The Hill. “It’s pretty clear he doesn’t want to run against Sheehy, and that should tell you all you need to know.”

Sheehy will likely have to prevail over Rep. Matt Rosendale (R-Mont.) in a primary, with Democrats itching for a Tester-Rosendale rematch after the incumbent senator defeated him by 3.5 percentage points. Rosendale has a pocket of right-wing support and name ID after multiple statewide runs, but he has numerous issues — including lackluster fundraising and a Maryland accent that caused him issues during his last Senate bid, to name a few.  Ohio

Rounding out the trio of the seats Republicans are most hopeful to flip is the Buckeye State, where they likely have their best chance to beat Sen. Sherrod Brown (D-Ohio).

Brown has proven to be a difficult out for Republicans in each of his reelection fights, which he won by 6 and 6 percentage points, respectively. However, Ohio has moved further to the right in that time, with former President Trump carrying the state by 8 percentage points in 2020, despite losing the election. Put simply, the swingiest of swing states has gotten redder than ever, but whether that will be enough to take down Brown remains to be seen.

For now, only two top-tier Republicans — state Sen. Matt Dolan and Bernie Moreno — have announced bids, with another likely to come from Ohio Secretary of State Frank LaRose (R). LaRose is expected to jump in the race in July, one Ohio GOP source told The Hill, creating a tough three-way contest that will have a number of balls in the air. 

Asked to forecast a three-way primary, the Ohio GOP source said that Moreno will likely win Trump’s endorsement and that LaRose could have fundraising issues, especially given that he’s the only one of the group who can’t self-fund, as he’s noted.

“Moreno is the favorite, but as a first-time candidate, he will likely make some mistakes,” the source said. “The question is: is that enough of an opening for either of the two others?” Arizona 

Of the states on this list, perhaps no race has changed less than the battle in Arizona, as Rep. Ruben Gallego (D-Ariz.) remains the top choice of Democrats, Kari Lake is the likely option for Republicans even though she has yet to announce a bid, and Sen. Kyrsten Sinema (I-Ariz.) has yet to tip her hand and say whether she will seek reelection next year as an independent.

Gallego announced his bid in late January and has put himself in as good of a spot as a Democrat can at this point in time. The Arizona Democrat posted a strong $3.7 million haul in the first quarter, outraising Sinema by $1.6 million during that stretch and giving Democrats hope that they can retain the seat next year. He also received a boost on the left last week, as former Speaker Nancy Pelosi (D-Calif.) endorsed his bid. 

“He seems to be doing what he needs to be doing. Head down. Building his brand,” one Democratic operative with Arizona ties told The Hill, noting that Gallego has so far avoided a bruising primary with Rep. Greg Stanton (D-Ariz.) declining to run. 

On the GOP side, all signs still point to Lake, who has effectively frozen the field until she decides whether to take the Senate plunge as she falsely argues that she is the “lawful governor of Arizona” after her loss to Gov. Katie Hobbs (D) in November.  

However, Lake has taken steps toward a possible bid, having met with more than a handful of GOP senators during a mid-May visit to Washington. Pinal County Sheriff Mark Lamb has also entered the GOP primary. 

Meanwhile, the wait is on for Sinema, who filed paperwork for a bid but has stayed mum when asked in various interviews about her 2024 plans. Her impact on the race remains a massive unknown as a three-way general election battle opens up doors not previously seen in races in the state. 

“It’s hard to say one way or another,” the Democratic operative said about a three-way race. Wisconsin

Finally, Wisconsin is the lone new entrant on the list as Sen. Tammy Baldwin (D-Wis.) tries to secure a third term and Republicans try to figure out who will be their best candidate to deny her six more years in office.

Just like the other Democratic incumbents mentioned above, Baldwin has proven to be a real challenge for Republicans in each of her Senate bids. After defeating former Wisconsin Gov. Tommy Thompson (R) to win her seat in 2012, she followed that up with an impressive double-digit win in 2018, giving Democrats another battle-tested member to lean on in what could be a tough cycle.

“What makes Baldwin incredibly hard to beat is that she puts in the work and she’s got 15 winning campaigns to show for it,” said Joshua Karp, a Democratic operative who advised Wisconsin Lt. Gov. Mandela Barnes’ (D) campaign last year. “Wisconsin’s a state where people expect to have a personal relationship with their leaders and Baldwin puts in the personal touch and it shows.”

Republicans have been wading through possible options. However, they were dealt a blow in recent weeks as Rep. Mike Gallagher (R-Wis.) announced he would seek reelection in the House and focus on his work atop the newly created Select Committee on China. 

Now, they are looking at a pair of self-funders to take Baldwin on. 

Eric Hovde, a former hedge fund manager who narrowly lost the 2012 Senate primary to Thompson, is considered the leading figure, as he would be buoyed by a massive war chest and experience running a statewide campaign. One Wisconsin GOP operative noted recently that Hovde has floated spending at least $20 million of his own money. 

The second self-funder looking at a run is businessman Scott Mayer, who will likely make a decision post-Labor Day. The downside: He has nearly zero name ID in the state. Sen. Ron Johnson (R-Wis.) recently acknowledged that he doesn’t know Mayer very well, either.  Shooters remain at large in Baltimore block party shooting Three DC businesses hit with explosive devices, Molotov cocktail

Rep. Tom Tiffany (R-Wis.) is also considered an option, though he’d have to give up his ruby-red seat to jump in the race.

What will be the key to Republicans ousting Baldwin, though, will be external forces. What will Biden’s standing be in the state next year? And will the GOP nominate Trump, Florida Gov. Ron DeSantis (R) or someone else next year? Those are questions that will weigh heavily on the Senate race. 

According to a new Marquette University Law Poll, DeSantis is deadlocked with Trump and would fare better in a one-on-one matchup against the president. That would give Republicans a better shot at holding the seat. 

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Terror group supporters posted on TikTok, YouTube and Google from site targeted in Indian airstrikes

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Terror group supporters posted on TikTok, YouTube and Google from site targeted in Indian airstrikes

Social media accounts expressing support for a Pakistan-based terror group linked to al Qaeda appear to have posted recent videos from a Pakistan mosque targeted by Indian airstrikes.

Sky News has found videos posted on TikTok, YouTube and Google that appear to be filmed at the Markaz Taiba Mosque in Muridke. The captions and usernames contain expressions of support for the Lashkar-e-Taiba (LeT) and a group called ‘313’.

Sky News has found and geolocated multiple videos that appear to be filmed in the area where the captions include either or both ‘313’ and LeT.

Some of the videos show men in the streets with guns. Another post captioned a video of children doing martial arts training inside the targeted mosque, “we are little soldiers, and we fight the non-believers”.

The caption of the video reads "we are little soldiers, and we fight the non-believers". It uses the hashtag '313' and uses the word 'mujahid' which means 'who does jihad'.
Image:
The caption of the video reads ‘we are little soldiers, and we fight the non-believers’. It uses the hashtag ‘313’.

The caption uses the hashtag #جہاد313, which translates to ‘313’ jihad.

‘313’ appears to refer to the 313 Brigade, a proscribed terror organisation in Pakistan.

In a TikTok video posted to the Google page for Markaz Taiba Mosque in Muridke, a man can be seen walking along the street with a gun.

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The account that posted that video wrote in their description, “Lashkar Taiba, Mujahid Force, ‘313’ and Markaz Taiba Muridke”, self-proclaiming their support for the groups.

This screenshot from a Google user labels Lashkar-e-Taiba and ‘313’ and claims to be from Muridke.
Image:
This screenshot from the Google user labels Lashkar-e-Taiba and ‘313’ and includes the location name Muridke

India’s retaliatory strikes on Pakistani-adminstered Kashmir and Pakistan on 7 May came after a deadly attack in Indian-administered Kashmir last month.

Gunmen opened fire on tourists, killing 26 people and injuring dozens in a popular holiday spot near Pahalgam, Kashmir, on 22 April.

LeT were accused by India of involvement in the Pahalgam attack through their proxy the Resistance Front, which claimed responsibility for the attack.

LeT, which is designated as a terrorist organisation by the UN Security Council and the UK, focuses on fighting Indian control in Kashmir and is based in the Punjab region of Pakistan.

Pakistan denies allegations of terror camps operating in the country. This region has been in the control of the Punjabi government since 2010. The Punjab government condemned the Indian strikes, and declared a state of emergency across Punjab.

Muskan Sangwan, senior intelligence analyst at TRAC, a terrorism research and analysis consortium, told Sky News: “Brigade 313 is al Qaeda in Pakistan. It’s an umbrella organisation for members of several groups like Taliban, Lashkar-e-Jhangvi, Haqqat ul-Jihad-al-Islami, Jaish-e Muhammad, Lashkar-e-Taiba, and Jundullah.”

Ms Sangwan explained that ‘313’ refers to the number of companions said to have fought with the Prophet Mohammed in the Battle of Badr.

TRAC have seen a recent uptick in TikTok videos and other social media posts that refer to ‘313’.

Many of the accounts are linked to each other.

Ms Sangwan said: “They [the TikTok users] mostly use ‘313’ as a hashtag… trying to push that hashtag to as many people it can reach on social media.”

Sky News sought to verify the location by comparing before and after videos from the strike location, and using the video released by the Indian army conducting the strike.

One video showing damage at the strike location was posted by a user with 313 in their TikTok username.

The TikTok account that posted video footage of the destruction of the mosque has 313 in their caption.
Image:
The TikTok account that posted video footage of the destruction in Muridke has 313 in the username

Below is satellite imagery that shows the destruction of the site.

Satellite imagery shows Markaz Taiba Mosque after the strike on May 7th. Credit: Maxar.
Image:
Satellite imagery shows Markaz Taiba Mosque after the strike on 7 May. Credit: Maxar

In one TikTok, the video is captioned “bring your arms and ammunition and go to war”. The text on the screen of the TikTok is ‘313’ and he is carrying a gun.

The group are comfortable with having an online presence. On the Google tag for Markaz Taiba Mosque in Muridke, men pose for a group photo. Almost all the people in the photo have used ‘313’ on TikTok.

Ms Sangwan explained: “With these people from Muridke, pushing this propaganda on social media would generate a lot of significance in terms of recruitment and in terms of gaining support from local people and from other people.”

Sky News’ Asia correspondent Cordelia Lynch has reported on the ground in Muridke.

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Anger in Pakistan after India strikes

India says it struck Markaz Taiba, a site in Muridke about 15 miles (25km) from the border, which has long been claimed to be a terrorist training site associated with LeT.

MEMRI, a US-based research group that monitors terrorist threats, told Sky News: “It has been known for decades that Lashkar-e-Taiba has its headquarters in Muridke.”

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Sky News contacted the Pakistan Ministry of Defence for comment. Khawaja Asif, Pakistan’s defence minister, told Sky News: “This appears to be a random video with background music added later – consistent with how TikTok trends often function. If this is to be considered credible evidence, we could produce millions of similar clips ourselves.”

Mr Asif also said that any suggestion that the mosque was used as a base by terrorists was a “completely false, social media made up hoax”.

On 7 May, after the strikes in Pakistan, the Indian subcontinent branch of al Qaeda issued a statement condemning India’s actions and encouraging its supporters to wage jihad against India.

The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

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Ukraine and ‘coalition of the willing’ press Russia for 30-day ceasefire from Monday

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Ukraine and 'coalition of the willing' press Russia for 30-day ceasefire from Monday

European leaders including Sir Keir Starmer have threatened Vladimir Putin with fresh sanctions if Russia fails to comply with an unconditional 30-day ceasefire.

The prime minister met Ukrainian President Volodymyr Zelenskyy alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk in Kyiv on Saturday.

It is the first time the leaders of the four countries have travelled to Ukraine – arriving by train – at the same time.

They updated Donald Trump on the progress made on the so-called “coalition of the willing” plans in a 20-minute phone call.

European leaders hold call with Ukraine. Pic: Number 10
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European leaders including Volodymyr Zelenskyy hold call with Donald Trump. Pic: Number 10

Following the summit, the leaders announced an agreement that there should be an unconditional 30-day ceasefire starting on Monday, with the backing of the US president.

“All of us here, together with US, are calling Putin out,” said Sir Keir.

“So we are clear, all five leaders here – all the leaders of the meeting we just had with the coalition of the willing – an unconditional ceasefire, rejecting Putin’s conditions, and clear that if he turns his back on peace, we will respond.

“Working with President Trump, with all our partners, we will ramp up sanctions and increase our military aid for Ukraine’s defence to pressure Russia back to the table.”

Britain's Prime Minister Keir Starmer meets with French President Emanuel Macron and German Chancellor Friedrich Merz on board a train to the Ukrainian capital Kyiv where all three will hold meetings with Ukrainian President Volodymyr Zelensky, May 9, 2025. Stefan Rousseau/Pool via REUTERS
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Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kyiv. Pic: Reuters

Leaders arrive in Kyiv by train. Pic: PA
Image:
Leaders arrive in Kyiv by train. Pic: PA

It comes after Donald Trump called for “ideally” a 30-day ceasefire between Kyiv and Moscow, and warned that if any pause in the fighting is not respected “the US and its partners will impose further sanctions”.

Security and defence analyst Michael Clarke told Sky News presenter Samantha Washington the European leaders are “rowing in behind” the US president, who referred to his “European allies” for the first time in this context in a post on his Truth Social platform.

“So this meeting is all about heaping pressure on the Russians to go along with the American proposal,” he said.

“It’s the closest the Europeans and the US have been for about three months on this issue.”

Trump calls for ceasefire. Pic: Truth Social
Image:
Trump calls for ceasefire. Pic: Truth Social

Mr Zelenskyy told reporters the agreed ceasefire should cover air, sea and land, and said that if Moscow refused, Russia would face new sanctions, including the strengthening of punitive measures targeting its energy and banking sectors.

The European leaders said the terms of a peace deal would be negotiated during the 30-day pause in fighting.

But the Ukrainian president said: “We have no illusions that the ceasefire will be breached.”

Mr Macron said the proposed ceasefire would be monitored mainly by the US and European countries and there would be “massive” sanctions if Russia did not agree.

Sir Keir Starmer and Volodymyr Zelenskyy during a meeting in March. Pic: AP
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Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP

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Putin’s Victory Day parade explained

Military officers from around 30 countries have been involved in drawing up plans for a coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.

This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.

Kremlin spokesman Dmitry Peskov was quoted as saying on Friday that Russia supported the implementation of a 30-day ceasefire, but only with due consideration of “nuances”.

European leaders show solidarity – but await Trump’s backing


Dominic Waghorn - Diplomatic editor

Dominic Waghorn

International affairs editor

@DominicWaghorn

The hope is Russia’s unilateral ceasefire, such as it’s worth, can be extended for a month to give peace a chance.

But ahead of the meeting, Ukrainian sources told Sky News they are still waiting for President Donald Trump to put his full weight behind the idea.

The US leader has said a 30-day ceasefire would be ideal, but has shown no willingness yet for putting pressure on Russian president Vladimir Putin to agree.

The Russians say a ceasefire can only come after a peace deal can be reached.

European allies are still putting their hopes in a negotiated end to the war despite Moscow’s intransigence and President Trump’s apparent one-sided approach favouring Russia.

Ukrainians would prefer to be given enough economic and military support to secure victory.

But in over three years, despite its massive economic superiority to Russia and its access to more advanced military technology, Europe has not found the political will to give Kyiv the means to win.

Until they do, Vladimir Putin may decide it is still worth pursuing this war despite its massive cost in men and materiel on both sides.

As the European leaders pulled into Kyiv by train on Saturday, the screen on the platform announced the arrival of the “Bravery Express”.

Read more:
Russia’s VE Day parade felt like celebration of war
Michael Clarke Q&A on Ukraine war
Ukraine and Russia accuse each other of breaching ceasefire

Mr Zelenskyy accompanied them as they paid their respects at a memorial in central Kyiv to honour Ukrainian soldiers killed in the current war.

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The visit came on the final day of a three-day ceasefire unilaterally declared by Mr Putin, which was denounced as a sham by Ukraine.

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Both sides have accused each other of violating it.

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Trump’s crypto agenda is being threatened by his pursuit of personal profits

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Trump's crypto agenda is being threatened by his pursuit of personal profits

U.S. President Donald Trump looks on as he gives remarks outside the West Wing at the White House in Washington, D.C., U.S., May 8, 2025.

Kent Nishimura | Reuters

President Donald Trump is standing in his own way when it comes to passing crypto legislation.

Lawmakers this week rejected the GENIUS Act — a bill meant to establish federal rules for stablecoins — due in part to concerns that President Trump’s personal cryptocurrency ventures have created an unprecedented conflict of interest.

“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls,” Sen. Jeff Merkley, D-Ore., said in a statement to CNBC explaining his opposition to the bill. “This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government.”

Stablecoins are digital currencies that are pegged to the value of other assets, like the U.S. dollar.

Getting anything passed in Congress is a steep uphill battle for Republicans given their razor-thin majority in the House, filibuster-proof requirement in the Senate, and Democrats’ increasingly unified stance against President Trump’s agenda. But enough Democrats appeared to be on board with a stablecoin law to bring about a rare bipartisan win for the president.

That’s until $TRUMP got in the way.

The president’s meme coin, which he launched just before the inauguration in January, has added billions of dollars of paper worth to his coffers. Its value soared last month after the project ran a promotion offering top $TRUMP holders a dinner with the president and a “VIP White House tour.” Sen. Richard Blumenthal, D-Conn., called it a “pay-for-play scheme.” First Lady Melania Trump has a coin as well.

The GENIUS bill failed to advance in the Senate on Thursday. It needed 60 votes to move to the Senate floor for final passage. The final tally was 48 in favor and 49 against. Three senators didn’t vote.

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Earlier in the week, Senate Democrats unveiled the “End Crypto Corruption Act,” spearheaded by Merkley and Minority Leader Chuck Schumer of New York, meant to prohibit elected officials and senior executive branch personnel and their families from issuing or endorsing digital assets.

But the key defections to the stablecoin legislation came last weekend, when a group of nine Senate Democrats — four of whom had previously voted for the bill in committee — said that they wouldn’t support it and called for stronger provisions to address “anti-money laundering, foreign issuers, and national security.”

‘Ongoing self-dealing’

Sen. Lisa Blunt Rochester of Delaware was one of the four. She pointed directly at Trump’s financial entanglements.

“I also remain concerned about the ongoing self-dealing and financial conflicts of interest being carried out by the Trump family,” she wrote in a statement on Thursday.

It’s not just about the $TRUMP and $MELANIA meme coins. There’s also the Trump family crypto venture World Liberty Financial, which was established last year and launched a stablecoin just as the administration pushed for looser regulations on digital assets.

Reports have indicated that Abu Dhabi-based MGX is using Trump’s stablecoin for a $2 billion investment in crypto exchange Binance, creating yet another potential conflict of interest for a sitting president.

For some investors and entrepreneurs in the crypto industry, the president’s pursuit of personal profits is creating a major impediment to long-awaited advancements. After years of setbacks during the Biden administration, the crypto lobby became a powerful force in funding Trump’s 2024 campaign and in successfully backing industry-friendly candidates for Congress.

“It’s unfortunate that personal business is getting in the way of good policy,” said Ryan Gilbert, founder of fintech venture fund Launchpad Capital. “I would hope that everybody in the administration, including the president, gets out of the way of good policy.”

The White House didn’t respond to a request for comment. At a press conference on Friday, White House press secretary Karoline Leavitt said, when asked about the meme coin dinner, that “the president is abiding by all conflict of interest laws.”

“The president is a successful businessman, and I think it’s one of the many reasons that people reelected him back to this office,” Leavitt said.

Pantera's legal chief on what's next after Congress blocks key crypto bill

A number of top Democrats, including Sen. Elizabeth Warren of Massachusetts and Kirsten Gillibrand of New York have joined the parade of critics, targeting President Trump’s personal pursuits. Gillibrand helped introduce the GENIUS Act earlier this year, but she said this week that there are “a number of outstanding issues that needed to be addressed before the bill could pass the full Senate.”

“I believe it is essential to the future of the U.S. economy and to everyday Americans that we enact strict stablecoin regulations and consumer protections where none currently exist,” Gillibrand said in a statement. “I remain extremely confident and hopeful that very soon we can finish the job.”

Sen. Blumenthal called for an investigation into Trump-linked coins, demanding financial records from World Liberty Financial and slamming the president for “the attempted use of the White House to host competitions to prop up the value of $TRUMP.”

Sen. Ruben Gallego, D-Arizona, had supported the GENIUS Act but said he couldn’t move forward this week after Republicans declined to provide more time to negotiate.

“Without more time to at least finish the bill, there was no true bipartisan path forward,” he wrote on X.

Launchpad’s Gilbert said the GENIUS Act is just the first piece. More broadly, the president’s conflicts could have an impact on hopes for other legislative achievements and deregulation efforts as well as the reputation of the U.S. crypto industry on the world stage.

“We will be the laughing stocks of the world for this particular reason, and it will hold back continued investment and innovation,” Gilbert said. “There was hope for the past six months that that we could lead in the United States, and that investment should pour into crypto-related businesses, and then it will be simpler and doable again, for all companies to take a lead and to invest in crypto assets.”

However, he said, “if the GENIUS Act doesn’t pass, we’re back to square one.”

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