Democrats guarantee the success of the GENIUS Act bill on stablecoins
A group of pro-crypto Democratic senators introduced an amendment to the GENIUS Act that is widely expected to fail, on purpose. The move seems designed to appear as opposition while actually helping the stablecoin bill to pass.
This largely ceremonial opposition will allow Democrats to save face on a potentially unpopular move. The GENIUS Act, an important bill to regulate stablecoins, has generated controversy.
What is happening with the GENIUS ACT?
Critics fear it could allow corruption or destabilize the financial system. Despite those concerns, the bill maintains modest bipartisan support and is moving forward in the Senate.
Recently, according to multiple reports, Democrats introduced an amendment—the Crypto Corruption Termination Act—that allows the bill to advance to a vote, even if the amendment fails.
