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A group of nine Democratic Party Senators has announced that they will withdraw their support for the transformative stablecoin legislation in the United States unless certain changes are made to the legislation.

In a joint statement released on May 3, the Senators noted that there are several issues with the current version of the stablecoin legislation known as the United States National Stablecoin Innovation and Regulatory Act (GENIUS). The Senators stated:

"While we greatly hope to continue working with our colleagues to resolve these issues, we will not be able to vote to advance if the current version of the legislation is put forward for discussion."

This statement was signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper, and Adam Schiff. Surprisingly, Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester, and Andy Kim, who all supported the legislation when it was approved in the Senate Banking Committee in March, also signed the statement.

However, it is worth noting that two Democratic Party Senators who are co-sponsors of the GENIUS Act along with the main sponsor Republican Senator Bill Hagerty — Kirsten Gillibrand and Angela Alsobrooks — did not sign the statement.