The crypto industry is reacting to recent legislative developments concerning the GENIUS Act, with significant opposition coming from nine Democratic senators, including Ruben Gallego. They demand stronger provisions for anti-money laundering and national security in the bill. While the Senate Banking Committee previously advanced the bill, concerns were raised that the latest revisions may tighten regulations for stablecoin issuers. Supporters argue that these changes could balance industry growth with necessary regulatory measures. Meanwhile, Arizona Governor Katie Hobbs vetoed a bill allowing public funds to invest in virtual currencies, stating that retirement funds shouldn't be used for untested investments. This rejection reflects ongoing apprehensions regarding cryptocurrency's volatility and regulatory landscape. Despite these challenges, advocates for the GENIUS Act express hope for further debate and refinements to enhance U.S. leadership in digital finance. As discussions continue, the timeline for passing this legislation remains uncertain.

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