Analysis: US stablecoin legislation may be blocked after several Democratic senators withdraw support

Odaily Planet Daily News: Nine Democratic senators who once supported crypto-friendly legislation recently announced that they would no longer support the Republican-led stablecoin bill if it maintains its status quo. The bill aims to establish the first regulatory framework in the United States for stablecoin issuers. It has previously passed the Senate Banking Committee and is expected to enter the full house review stage in the near future. It is reported that the opponents include Democratic senators such as Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim, who previously supported the bill, but these lawmakers recently pointed out that the relevant bills still have shortcomings in anti-money laundering, national security and accountability mechanisms, and need to be further improved. This move may affect the prospects for the passage of the United States Stablecoin National Innovation Guidance and Establishment Act (GENIUS ACT) promoted by Republican Senator Bill Hagerty. (Cointelegraph)