#MarketPullback Binance! 👋 There was quite a bit of expectation regarding an important law that was moving through the United States Senate to finally establish clear rules for stablecoins (like USDC, USDT, etc.). It seemed that things were progressing with support from both Republicans and Democrats, but... fresh news from the last few days indicates that the situation has become quite complicated! 😬 Let me tell you what happened and what it could mean.

What Happened with the Stablecoin Law in the Senate?

It turns out that, according to several recent reports, a significant group of Democratic senators (rumored to be nine) whose support was necessary for the law to move forward smoothly, have withdrawn their backing or now oppose the bill as it stands. This is striking because some of them had even voted in favor during earlier committee stages. A twist that no one expected!

Why This Change of Position?

The reasons cited publicly relate to serious concerns about national security issues, anti-money laundering (AML) measures, and consumer protection. Apparently, this group of senators believes that the current proposal is not robust enough in these areas and could leave "open doors" for illicit activities or risks to users. They want stricter regulation on those points. 😟

The Consequences: More