#USStablecoinBill

Senate leadership plans to tee up a vote on legislation creating a framework for payment stablecoins this week, even as a contingent of crypto-friendly Senate Democrats pull their support for the bill.

Republicans are preparing to bring the GENIUS Act to the floor Thursday, according to a source familiar with planning work.

However, nine Democratic senators who previously supported the bill said in a statement Saturday that they would not be able to vote for the current version.

“We have approached this process constructively and with an open mind, with the understanding that additional improvements to the bill would be made,” the senators said.

“However, the bill as it currently stands still has numerous issues that must be addressed, including adding 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,” they continued.

Among the Democrats voicing concerns are Sens. Ruben Gallego (Ariz.), Mark Warner (Va.), Lisa Blunt Rochester (Del.) and Andy Kim (N.J.), all of whom voted to advance the bill out of the Senate Banking Committee in March.

Gallego, ranking member on the panel’s Digital Assets Subcommittee, argued Sunday that this wasn’t “some reversal out of nowhere” by Democrats.