Crypto Bill Backlash: Senators Warn Stablecoin Act Isn’t Safe

What began as a promising effort to apply transparent rules to crypto and stablecoins has run into a serious roadblock. Related Reading: Big Bitcoin Plan: Metaplanet Heads To Miami With $250 Million BTC Strategy On May 4, 2025, ten US Senators came out swinging against the revised version of the “GENIUS Act,” stating that it […]

May 5, 2025 - 03:10

Crypto Bill Backlash: Senators Warn Stablecoin Act Isn’t Safe

What began as a promising effort to apply transparent rules to crypto and stablecoins has run into a serious roadblock.

On May 4, 2025, ten US Senators came out swinging against the revised version of the “GENIUS Act,” stating that it might do more harm than good. The action, according to an X post by crypto journalist Eleanor Terrett, caught many off guard, particularly because some of the individuals on the list had supported the bill just weeks earlier.

Among the opposing critics are four Democrats—Ruben Gallego, Mark Warner, Marilyn Strickland Kim, and Lisa Blunt Rochester—who were all in support of the bill in March in the Senate Banking Committee hearing.