According to Cointelegraph, a group of Democratic senators supporting the crypto industry has stated that they will oppose the Republican-led stablecoin bill if it proceeds in its current form. The bill could become the first regulatory framework for stablecoins in the U.S.
According to Politico on May 3, nine Democratic senators stated in a joint statement that there are still many issues with the bill that need to be addressed, and they will not support procedural voting unless modifications are made. Signatories include Senators Ruben Gallego, Mark Warner, and others.
The bill was introduced by Senator Bill Hagerty and is formally titled the "American Stablecoin Innovation and Establishment Act" (GENIUS Act). The Senate is expected to begin reviewing the bill in the coming days, with a first vote potentially occurring next week.
Although the bill was amended after committee approval to address the Democrats' concerns, lawmakers stated that these changes are insufficient. They called for stronger anti-money laundering measures, national security considerations, foreign issuer regulations, and accountability for non-compliance.
Despite opposition, Democratic senators emphasized their commitment to crafting responsible crypto regulation and expressed a willingness to continue working with colleagues to address these issues.