Ten US senators have expressed concerns over the revised GENIUS Act, a bill aimed at regulating stablecoins in the United States. The senators, including four Democrats who initially supported the bill, have raised several issues, including:
- Inadequate Anti-Money Laundering Provisions: The senators believe the bill doesn't do enough to prevent money laundering and other illicit financial activities.
- National Security Concerns: They are worried about potential risks to national security.
- Financial System Safety: The senators question whether the bill adequately ensures the stability and safety of the financial system.
The GENIUS Act aims to establish a comprehensive regulatory framework for payment stablecoins, promoting financial innovation while protecting consumers.
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