According to Odaily, ten U.S. senators have issued a joint statement expressing their inability to support the updated version of the stablecoin regulation bill, known as the GENIUS Act, released last week. The statement highlights several issues, including inadequate anti-money laundering provisions and concerns regarding national security and the safety of the financial system.
Notably, four Democratic senators—Gallego, Warner, Kim, and Blunt Rochester—who supported the original version of the bill during the Senate Banking Committee review in March, are among those who signed the statement. However, Angela Alsobrooks, a co-sponsor of the bill, did not sign the letter.
The GENIUS Act, officially titled the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," was introduced in the U.S. Senate on February 4, 2025. It aims to establish a comprehensive regulatory framework for payment stablecoins within the United States to promote financial innovation, protect consumers, prevent illegal financial activities, and reinforce the dominance of the U.S. dollar in the global financial system.
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