Pro-crypto Democrats pull support for stablecoin bill in last minute
A group of nine Senate Democrats has announced opposition to a Republican-led stablecoin bill, the GENIUS Act, unless significant changes are made. The Democrats expressed concerns over issues related to Anti-Money Laundering, national security, foreign issuers, and accountability for noncompliant actors. Despite previously supporting the bill after its committee approval, they now warn against advancing it in its current form. The Senate is set to begin floor consideration of the bill soon, with a potential vote next week. The Democrats remain committed to responsible crypto regulation and are willing to collaborate on addressing their concerns. Caitlin Long criticized the Federal Reserve for maintaining anti-crypto policies that favor big-bank-issued stablecoins, emphasizing the need for a federal stablecoin bill to override these restrictions.
