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A group of Democrats in the U.S. Senate, known for supporting the cryptocurrency industry, stated that they will oppose the Republican-led stablecoin bill if it is passed in its current form.

According to a Politico report from May 3, this move threatens to halt progress on legislation that could establish the first U.S. regulatory framework for stablecoins.

The report states that nine Democratic senators issued a joint statement saying that the bill "still has many issues that need to be addressed." They warned that they would not support a procedural vote to pass the legislation unless changes are made.

Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester, and Andy Kim — all of whom previously supported the bill when it passed through the Senate Banking Committee in March.