Pro Crypto Dems Pull Support for Stablecoin Bill! 🚨 #bitcoin #crypto #shorts
I bet you didn’t see this coming. Pro crypto Democrats just withdrew support for the stablecoin bill in a shocking twist. A group of US Senate Democrats known for backing crypto has just opposed the stable coin bill led by Republicans. This move could stall the first US regulatory framework for stable coins. According to a May 3rd report from Politico, nine Senate Democrats, including senators Ruben Glego and Mark Warner, said the bill has numerous issues that must be addressed. They’re demanding stronger safeguards on anti-money laundering, national security, and accountability measures. Senator Bill Hagert’s Genius Act was seen as a landmark step for regulatory clarity. But the Democrats reversal shows a growing unease. Despite their objections, these senators are committed to shaping responsible crypto regulation. Meanwhile, Caitlyn Long, CEO of Custodia Bank, criticized the Fed for maintaining anti-crypto policies. She urged Congress to hurry up and pass a federal stable coin bill to override the Fed’s stance. Stay tuned and remember this isn’t financial advice.
A group of US Senate Democrats known for supporting the crypto industry has said they would oppose a Republican-led stablecoin bill if it continues. According to a May 3 report from Politico, the move threatens to stall legislation that could establish the first US regulatory framework for stablecoins.
