{"id":128559,"date":"2025-05-04T09:15:44","date_gmt":"2025-05-04T09:15:44","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128559"},"modified":"2025-05-04T09:15:44","modified_gmt":"2025-05-04T09:15:44","slug":"pro-crypto-democrats-pull-support-for-stablecoin-bill-in-last-minute","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128559","title":{"rendered":"Pro-crypto Democrats pull support for stablecoin bill in last minute"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.<br \/>\nThe move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.<br \/>\nPer the report, nine Senate Democrats said in a joint statement that the bill \u201cstill has numerous issues that must be addressed.\u201d They warned they would not support a procedural vote to advance the legislation unless changes are made.<br \/>\nAmong the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim \u2014 all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.<br \/>\nThe bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.<br \/>\nRelated:\u00a0Fed\u2019s Powell reasserts support for stablecoin legislation<br \/>\nSenate prepares to vote on stablecoin bill<br \/>\nThe Senate is expected to begin floor consideration of the bill in the coming days, with the first vote potentially taking place next week.<br \/>\nThe bill has been championed by the crypto industry as a landmark step toward regulatory clarity. However, the Democrats\u2019 about-face reflects growing unease within the party.<br \/>\nAlthough revisions were made to the bill after its committee approval to address Democratic concerns, the lawmakers said the changes fell short. They called for stronger safeguards related to Anti-Money Laundering, national security, foreign issuers, and accountability measures for noncompliant actors.<br \/>\nThe statement was also signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luj\u00e1n, John Hickenlooper and Adam Schiff.<br \/>\nA copy of the statement. Source: Alex ThornSenator Kirsten Gillibrand and Senator Angela Alsobrooks were absent from the list, who co-sponsored the bill alongside Hagerty.<br \/>\nDespite their objections, the Democratic senators emphasized their commitment to shaping responsible crypto regulation. They reportedly said they \u201care eager to continue working with our colleagues to address these issues.\u201d<br \/>\nRelated:\u00a0US banks are \u2018free to begin supporting Bitcoin\u2019<br \/>\nCrypto needs a stablecoin bill<br \/>\nOn April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued\u00a0stablecoins, despite relaxing crypto partnership rules for banks.<br \/>\nLong explained that while the Fed\u00a0recently rescinded four prior crypto guidelines, a Jan. 27, 2023, statement was left intact in coordination with the Biden administration.<br \/>\nThe guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.<br \/>\nHowever, Long noted that once a federal stablecoin bill becomes law, it could override the Fed\u2019s stance. \u201cCongress should hurry up,\u201d she urged.<br \/>\nMagazine:\u00a0Financial nihilism in crypto is over \u2014 It\u2019s time to dream big again<a href=\"https:\/\/cointelegraph.com\/news\/democrats-pull-support-gop-stablecoin-bill?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128559"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128559"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128559\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128559"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}