A group of nine Democratic Senators has announced that they will withdraw their support for the groundbreaking U.S. stablecoin bill unless there are some changes made to the bill.
In a joint statement released on May 3, the Senators noted that there are several issues with the current version of the stablecoin bill known as the U.S. Guidance and Establishing National Innovations for Stablecoin Act (GENIUS). The Senators stated:
"While we are eager to continue working with our colleagues to address these issues, we will not be able to vote for closure if the current version of the bill is brought to discussion."
This statement was signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper, and Adam Schiff. Notably, Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester, and Andy Kim, all of whom supported the bill when it passed the Senate Banking Committee in March, are also among the signatories.
However, it is worth noting that two Democratic Senators who co-sponsored the GENIUS Act along with the main sponsor, Republican Senator Bill Hagerty — Kirsten Gillibrand and Angela Alsobrooks — did not sign the statement.