#USStablecoinBill A group of US Senate Democrats has threatened to hold up a Republican-sponsored stablecoin bill. The group cited that the bill lacks critical protections and oversight. The move could delay efforts to pass the first US regulatory framework for stablecoins.

Lawmakers Say Current Bill Has "Numerous Issues"

In a May 3 report by Politico, nine Senate Democrats declared the bill "still has several problems that need to be worked out." They threatened to vote against moving it unless sweeping changes are adopted.

The legislation, officially known as the Guiding and Establishing National Innovation for US Stablecoins or GENIUS Act, was sponsored by Senator Bill Hagerty. It cleared the Senate Banking Committee in March with bipartisan support. However, the recent Democratic pushback risks derailing its journey to become a law.