On May 4, according to crypto journalist Eleanor Terrett, ten U.S. senators issued a joint statement expressing their inability to support the updated version of the stablecoin regulatory bill, the "GENIUS Act," released last week. The joint statement pointed out several issues, including insufficient AML provisions and concerns regarding national security and financial system safety. Notably, four Democratic senators on the list—Gallego, Warner, Kim, and Blunt Rochester—supported the original version of the bill during the March banking committee review, while the bill's co-sponsor, Angela Alsobrooks, did not sign the letter. The "GENIUS Act" (full name "Guiding and Establishing National Innovation for U.S. Stablecoins Act") is a piece of legislation introduced in the U.S. Senate on February 4, 2025, aimed at establishing a comprehensive regulatory framework for payment stablecoins within the United States to promote financial innovation, protect consumers, prevent illegal financial activities, and reinforce the dollar's dominant position in the global financial system.
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Ten U.S. Senators Jointly Oppose the Updated Stablecoin Regulation Bill "GENIUS"
On May 4, according to crypto journalist Eleanor Terrett, ten U.S. senators issued a joint statement expressing their inability to support the updated version of the stablecoin regulatory bill, the "GENIUS Act," released last week. The joint statement pointed out several issues, including insufficient AML provisions and concerns regarding national security and financial system safety. Notably, four Democratic senators on the list—Gallego, Warner, Kim, and Blunt Rochester—supported the original version of the bill during the March banking committee review, while the bill's co-sponsor, Angela Alsobrooks, did not sign the letter. The "GENIUS Act" (full name "Guiding and Establishing National Innovation for U.S. Stablecoins Act") is a piece of legislation introduced in the U.S. Senate on February 4, 2025, aimed at establishing a comprehensive regulatory framework for payment stablecoins within the United States to promote financial innovation, protect consumers, prevent illegal financial activities, and reinforce the dollar's dominant position in the global financial system.