U.S. stablecoin regulation could be delayed as pro-crypto Democrats pull support -

As Republicans are trying to expedite the vote for the GENIUS Act, the latest opposition from nine Democrats could derail their plan. 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, Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester, and Andy Kim, all of whom supported the bill when it passed the Senate Banking Committee in March, were also among the signatories.

It is worth noting, however, that the two Senate Democrats co-sponsoring the GENIUS Act alongside lead sponsor Republican Senator Bill Hagerty — Kirsten Gillibrand and Angela Alsobrooks — did not sign the statement.

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