Senate Democrats Express Concerns Over Current Stablecoin Bill Draft

Recent developments in U.S. legislation regarding cryptocurrencies have created uncertainty. Key points include:

Nine Democratic senators, including Ruben Gallego, oppose the current version of the GENIUS Act, seeking stronger anti-money laundering and national security provisions.
The Senate Banking Committee previously advanced the bill with bipartisan support, passing it 18-6 in March.
Gallego stated attempts were made to negotiate improvements, but recent changes weakened progress.
Alex Thorn from Galaxy Digital noted that amendments to the bill made it stricter for stablecoin issuers compared to earlier drafts.
Amanda Fischer of Better Markets highlighted recent government actions as grounds for reconsidering the bill's terms.
Industry leaders expressed gratitude for advancements made by the GENIUS Act while urging further refinements to ensure U.S. leadership in digital finance.
Arizona governor Katie Hobbs vetoed a bill allowing public funds to invest in virtual currencies, citing concerns over untested investments.
The Arizona State Retirement System reportedly held nearly $19 million in shares of a bitcoin treasury company at the end of Q1.

Legislative timelines remain unclear amidst these discussions.