Democratic opposition threatens GENIUS Act, jeopardizing 2025 crypto agenda – Galaxy
The Senate GENIUS Act bill, designed to establish federal rules for stablecoins, is facing resistance from key Democrats, jeopardizing the prospects for broader crypto legislation in 2025.
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) advanced from the Senate Banking Committee in March with bipartisan support.
However, nine Senate Democrats announced they would oppose cloture without implementing recently required changes, hindering the legislation’s advancement.
According to a report published by Galaxy Digital and shared by head of research Alex Thorn, failure to pass the GENIUS Act could set back all remaining crypto legislation under consideration in 2025.
The bill had been viewed as a…
