A group of nine Senate Democrats has announced their opposition to the Republican-led stablecoin bill, threatening its passage. The bill, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, aims to create a regulatory framework for stablecoins in the United States. Despite prior support from these lawmakers when the bill passed the Senate Banking Committee, they expressed concerns over unresolved issues, including Anti-Money Laundering safeguards and accountability measures for noncompliant actors. They stated that they would not support further procedural votes unless significant changes are made. The Democrats emphasized their commitment to working collaboratively on responsible crypto regulation, but their statement marks a shift in support that could stall the bill's progress. The Senate is set to begin consideration of the bill, with voting expected soon, highlighting the urgency surrounding the legislative effort for stablecoins.

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