#USStablecoinBill

Democrats reverse course to oppose Senate crypto bill

The surprise statement comes as the Senate is expected to begin considering the landmark stablecoin bill in the coming days.

Sen. Ruben Gallego, D-Ariz., listens during a hearing of the Senate Committee on Homeland Security and Governmental Affairs on Capitol Hill.

Sen. Ruben Gallego (D-Ariz.), who previously voted for GOP-led stablecoin legislation, led a statement signed by eight other Democrats on Saturday saying they "would be unable to vote for cloture should the current version of the bill come to the floor.” | Mark Schiefelbein/AP

By Jasper Goodman

05/03/2025 08:46 PM EDT

Updated: 05/03/2025 09:22 PM EDt

A group of pro-crypto Senate Democrats said Saturday they would oppose GOP-led stablecoin legislation that some of them previously supported if it goes to the floor in its current form, a stunning twist that could jeopardize the bill’s path forward.

A group of nine Democrats who have previously backed industry-friendly crypto legislation wrote in a statement Saturday that “the bill as it currently stands still has numerous issues that must be addressed,” adding they “would be unable to vote for cloture should the current version of the bill come to the floor.” The statement was signed by four Democrats who voted in favor of the stablecoin bill when it cleared the Senate Banking Committee in March: Sens. Ruben Gallego of Arizona, Mark Warner of Virginia, Lisa Blunt Rochester of Delaware and Andy Kim of New Jersey.