Ten U.S. Senators Jointly Oppose Stablecoin Regulation Bill <i>GENIUS</i> Updated Version

BlockBeats News, May 4th. According to crypto journalist Eleanor Terrett, a group of 10 U.S. Senators released a joint statement expressing their inability to support the updated version of the stablecoin regulation bill, the "GENIUS Act," that was introduced last week. The joint statement highlighted several concerns, including insufficient anti-money laundering provisions, national security, and the security of the financial system. It is worth noting that four Democratic Senators on the list, Gallego, Warner, Kim, and Blunt Rochester, had supported the original version of the bill during the March Banking Committee hearing, while Angela Alsobrooks, one of the bill's co-sponsors, did not sign the letter.

The "GENIUS Act" (short for "Guiding and Establishing National Innovation for U.S. Stablecoins Act") is legislation introduced in the U.S. Senate on February 4, 2025, aimed at establishing a comprehensive regulatory framework for "payment stablecoins" within the United States. The Act seeks to promote financial innovation, protect consumers, combat illegal financial activities, and solidify the U.S. dollar's dominance in the global financial system.