Odaily Planet Daily News Crypto journalist Eleanor Terrett reported that 10 senators in the U.S. Congress issued a joint statement, saying that they could not support the updated version of the stablecoin regulatory bill "GENIUS Act" released last week. The joint statement pointed out multiple problems, including insufficient anti-money laundering provisions, national security and financial system security. It is worth noting that the four Democratic senators on the list, Gallego, Warner, Kim and Blunt Rochester, supported the original version of the bill during the Banking Committee's deliberations in March, and the bill's co-sponsor Angela Alsobrooks did not sign the letter.
The GENIUS Act (full name "Guiding and Establishing National Innovation for U.S. Stablecoins Act") is a legislation proposed by the U.S. Senate on February 4, 2025, which aims to establish a comprehensive regulatory framework for "payment stablecoins" in the United States to promote financial innovation, protect consumers, prevent illegal financial activities, and consolidate the dollar's dominant position in the global financial system.
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