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

Odaily Planet Daily News: Nine Democratic senators who previously supported cryptocurrency friendly legislation recently announced that they will no longer support the Republican led stablecoin bill if it remains in place. The bill aims to establish the first regulatory framework for stablecoin issuers in the United States. It has previously been reviewed by the Senate Banking Committee and is expected to enter the full house review stage in the near future. It is reported that the opponents of this bill include Democratic senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester, and Andy Kim. They had previously supported the bill, but these lawmakers recently pointed out that the bill still has shortcomings in anti money laundering, national security, and accountability mechanisms, and needs further improvement. This move may affect the prospects of the passage of the GENIUS ACT, which was pushed by Republican senator Bill Hagerty. （Cointelegraph）