U.S. stablecoin regulation could be delayed as pro-crypto Democrats pull support
A group of nine Democratic Senators announced that they will withdraw their support for the landmark U.S. stablecoin legislation unless changes are made to the bill.
In a joint statement issued on May 3, the Senators noted that there are several issues with the current version of the stablecoin bill known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The Senators noted:
“While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.”
The statement was signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper, and Adam Schiff. Surprisingly,…
