10 Senators Oppose the New US GENIUS Stablecoin Bill

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Report on the GENIUS stablecoin Act

On May 4th, a group of 10 U.S. Senators, led by Ruben Gallego, expressed concerns about the updated version of the GENIUS stablecoin Act. In a joint statement, the Senators outlined deficiencies related to anti-money laundering regulations, national security, and the safety of the financial system.

Notably, Gallego along with three other Democratic Senators, Warner, Kim, and Blunt Rochester, had previously supported the original version of this bill during the Senate Banking Committee discussion in March. However, in the new version, they were unable to maintain their support due to new concerns that have arisen.

Angela Alsobrooks, the co-sponsor of the bill, did not sign the letter of opposition. This has created a wave of debate among lawmakers, highlighting the controversies surrounding regulatory frameworks in the cryptocurrency space.

This information is for market data purposes only and is not investment advice.

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