Democrats | Crypto

The GENIUS Act failed to clear a procedure called cloture after pushback from Senate Democrats, who raised concerns about US President Donald Trump's crypto ventures. The Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, known as the GENIUS Act, failed to pass cloture in the United States Senate on May 8, dealing a slight blow to cryptocurrency regulation in the country. The bill, sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis and Angela Alsobrooks, received last-minute pushback from Democrats, who took aim at the bill and raised concerns about US President Donald Trump’s cryptocurrency ventures. To address the concerns of Senate Democrats, the bill had already been amended to include stricter requirements for stablecoin issuers for further provisions for Anti-Money Laundering. Read more

The current draft of the GENIUS Act elevates centralized entities in overseeing stablecoins. Democrats should take the right stand against it, says Hermine Wong.

A group of nine Democratic Senators announced that they will withdraw their support for the landmark U.S. stablecoin legislation unless changes are made to the bill. In a joint statement issued on May 3, the Senators noted that there are several issues with the current version of the stablecoin bill known as the Guiding and […] The post U.S. stablecoin regulation could be delayed as pro-crypto Democrats pull support appeared first on CryptoSlate.