According to Cointelegraph, a group of Senate Democrats supporting the crypto industry has stated they will oppose the Republican-led stablecoin bill if it proceeds in its current form. The bill could become the first stablecoin regulatory framework in the United States.
According to Politico on May 3, nine Senate Democrats expressed in a joint statement that the bill still has many issues to resolve and that they will not support procedural votes unless modifications are made. Signatories include Senators Ruben Gallego and Mark Warner.
The bill was introduced by Senator Bill Hagerty, officially titled the "American Stablecoin Innovation and Establishment Act" (GENIUS Act). The Senate is expected to begin reviewing the bill in the coming days, with a first vote potentially taking place next week.
Although the bill was amended after committee approval to address Democratic concerns, lawmakers stated that these changes are insufficient. They are calling for stronger measures against money laundering, national security, foreign issuers, and accountability for non-compliance.
Despite the opposition, Democratic senators emphasized their commitment to crafting responsible crypto regulation and expressed their willingness to continue working with colleagues to address these issues.