#establecoins 10 Democratic senators made a statement regarding the called GENIUS Act and claim that they cannot support the bill in its current form.

Several U.S. senators have withdrawn their support for the bill aimed at regulating stablecoins, generating uncertainty about the future of the legislation. Although it initially had bipartisan backing, concerns over certain aspects of the bill, such as oversight and reserve requirements, have led some lawmakers to reconsider their stance.

This setback could hinder the final approval of the bill, which aims to establish a clear regulatory framework for stablecoins in the United States. The lack of consensus among senators poses significant challenges for the cryptocurrency industry, which seeks regulatory clarity to foster innovation and the adoption of these digital assets.

Negotiations and debates in the Senate will be crucial in determining whether the senators' concerns can be addressed and support for the bill can be revived, or if substantial modifications will be required to achieve consensus. Regulatory uncertainty could have significant implications for the growth and stability of the stablecoin market in the United States.