#USStablecoinBill

In mid-March, the U.S. Senate Banking Committee approved the bill to regulate stablecoins, the Genius Act, with 18 votes in favor and 6 against, with the support of at least five Democrats. Last week, Republicans announced that the Senate Majority Leader, John Thune, would propose a vote on the bill in the full Senate, possibly this week. However, over the weekend, a group of nine pro-cryptocurrency Democrats declared that they would not support the bill in its current form, according to Politico.

There is an updated version of the bill that has not yet been published, and Democrats are not satisfied with it. Four of the five Democrats who voted in favor of the bill in committee signed the letter this weekend.

The letter indicates that the bill needs "stricter provisions on combating money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who do not comply with the law. While we are eager to continue working with our colleagues to address these issues, we could not vote in favor of cloture if the current version of the bill reaches the floor."

Cloture refers to agreeing to avoid endless debate on the bill and requires 60 votes, while Republicans only have 53 members in the Senate, so they need the support of Democrats.

Image taken from the web