Breitbart By Sean Moran
Senate Democrats, many who backed the bill in its original form, on Saturday announced their opposition to a stablecoin crypto bill on the eve of a vote on the historic legislation.
Sen. Ruben Gallego (D-AZ), the ranking member of the Banking Digital Assets Subcommittee, alongside Sens. Mark Warner (D-VA), Raphael Warnock (D-GA), Lisa Blunt Rochester (D-DE), Catherine Cortez Masto (D-NV), Andy Kim (D-NJ), Ben Ray Lujan (D-NM), John Hickenlooper (D-CO), and Adam Schiff (D-CA) announced that they could not to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The Democrats said:
However, the bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements. While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.
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