#USStablecoinBill The letter states that the Bill needs “stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements. While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.”

Cloture refers to agreeing to avoid endless debate on the Bill, and requires 60 votes, whereas the Republicans have only 53 Senate members, so they need Democrat support.

The five Democrats that voted for the Bill in committee were Senators Alsobrooks, Gallego, Kim, Rochester and Warner. Only Alsobrooks didn’t sign the letter. She is a co-sponsor of the Bill alongside fellow Democrat Kirsten Gillibrand, who is not on the Banking Committee.

Axios previously reported that Senate Minority Leader Chuck Schumer had cautioned Senators not to commit to the Bill so they could have leverage for amendments.

Trump family activities don’t make it easier

Various crypto activities launched by entities affiliated with the Trump family have muddied the waters. Shortly after the Genius Act passed out of committee, Trump-backed World Liberty Financial unveiled plans to launch a stablecoin, USD1.

Last week during an event in Dubai, the company announced that the stablecoin would be used by Abu Dhabi’s MGX to pay the $2 billion it planned to invest in the Binance crypto exchange. A quick browse of cryptocurrency transactions confirms that the payment has happened. MGX’s Chairman is HH Sheikh Tahnoon Bin Zayed Al Nahyan, who has been National Security Adviser of the UAE since 2016 and is the brother of the UAE President. Given the government affiliations of MGX, the optics are problematic.

World Liberty Financial’s CEO Zach Witkoff is the son of Steven Witkoff, the US Special Envoy to the Middle East. The CEO announced the $2 billion transaction on stage alongside the President’s son, Eric Trump.