The Senate is gearing up for a significant vote on Thursday concerning a pivotal cryptocurrency regulatory package known as the GENIUS Act. This legislation necessitates a minimum of 60 votes to progress to the Senate floor for final approval.
The primary objective of the GENIUS Act is to establish a comprehensive regulatory framework for stablecoins—digital assets that maintain a fixed value relative to other assets, such as the U.S. dollar.
However, the bill’s survival hangs in the balance ahead of the crucial vote, as nine Democratic senators—four of whom had previously endorsed the bill in committee—have announced their opposition to the measure.
In a statement released on Saturday and spearheaded by Senator Ruben Gallego from Arizona, these Democrats expressed their concerns about the current version of the legislation, citing “numerous issues.” They have called for enhanced provisions to address critical areas such as “anti-money laundering, foreign issuers, and national security.”
The dissenting group includes Senators Mark Warner of Virginia, Raphael Warnock from Georgia, Lisa Blunt Rochester of Delaware, Catherine Cortez Masto of Nevada, Andy Kim of New Jersey, Ben Ray Luján from New Mexico, John Hickenlooper of Colorado, and Adam Schiff of California.
These lawmakers have indicated their willingness to collaborate on addressing the outlined concerns but have firmly stated their inability to support a cloture vote if the current iteration of the bill is brought to the floor.
