#USStablecoinBill
A group of nine Democratic Party Senators has announced that they will withdraw their support for the transformative stablecoin legislation in the United States unless certain changes are made to the bill.
In a joint statement released on May 3, the Senators noted that there are several issues with the current version of the stablecoin legislation known as the American Stablecoin Innovation and Protection Act (GENIUS). The Senators stated:
"While we are very hopeful to continue working with our colleagues to resolve these issues, we will not be able to vote to advance if the current version of the bill is brought forward for discussion."
This 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, who all supported the bill when it was approved in the Senate Banking Committee in March, were also among the signatories.
However, it is worth noting that two Democratic Senators who are co-sponsors of the GENIUS Act along with the lead Republican sponsor Senator Bill Hagerty — Kirsten Gillibrand and Angela Alsobrooks — did not sign the statement.