#USStablecoinBill

The US stablecoin bill have shown a significant shift. Initially, there was bipartisan support, with the GENIUS Act, spearheaded by Senator Hagerty, aiming to establish a federal framework for payment stablecoins. This bill passed the Senate Banking Committee in March. However, recent days have seen a U-turn from nine Senate Democrats who now oppose the bill.

Their primary concerns revolve around insufficient safeguards for anti-money laundering, restrictions on foreign issuers, and overall national security and consumer protection. These Democrats have jointly stated they would be unable to vote for cloture without significant changes to address these gaps. This development has blindsided the bill's progress, as it now requires seven Democratic votes to advance in the Senate. The reversal is reportedly influenced by growing unease among Democrats regarding crypto ventures linked to the former president and potential conflicts of interest. The future of the bill remains uncertain as these key issues are being reconsidered.