From Cointelegraph

May 4, 2025 04:16:00 AM:

A group of US Senate Democrats have threatened to oppose a Republican-led stablecoin bill due to unresolved issues. The bill, titled the GENIUS Act, aims to establish the first US regulatory framework for stablecoins. Senate Democrats are demanding changes related to AML, national security, foreign issuers, and accountability measures.

The Senate is set to vote on the stablecoin bill soon, with the first vote expected next week. Despite revisions made to address Democratic concerns, Senators are calling for stronger safeguards. Senators expressed commitment to shaping responsible crypto regulation despite their objections to the current bill.

Caitlin Long criticized the US Federal Reserve for maintaining an anti-crypto policy favoring big-bank-issued stablecoins. Long noted that the Fed’s guidelines prohibit banks from engaging with crypto assets and issuing stablecoins on permissionless blockchains. Long urged Congress to pass a federal stablecoin bill to override the Fed’s stance and provide regulatory clarity for the crypto industry.

Read more at Cointelegraph: Pro-crypto Democrats pull support for stablecoin bill in last minute