Senate Democrats, many who backed the bill in its original form, on Saturday announced their opposition to a stablecoin crypto bill on the eve of a vote on the historic legislation.
Sen. Ruben Gallego (D-AZ), the ranking member of the Banking Digital Assets Subcommittee, alongside Sens. Mark Warner (D-VA), Raphael Warnock (D-GA), Lisa Blunt Rochester (D-DE), Catherine Cortez Masto (D-NV), Andy Kim (D-NJ), Ben Ray Lujan (D-NM), John Hickenlooper (D-CO), and Adam Schiff (D-CA) announced that they could not to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The Democrats said:
However, the bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements. While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.
The Senate Democrats announced that they would oppose advancing the bill as Senate Majority Leader John Thune (R-SD) last Thursday expedited the consideration of the legislation, which would establish the first-ever regulatory framework for stablecoins, a key part of cryptocurrency industry.
Eleanor Terrett, a former Fox Business reporter and podcast host, noted that Gallego, Warner, Kim, and Blunt Rochester supported the legislation in its original form during the Banking Committee’s markup in March.
Sen. Bill Hagerty (R-TN), the bill’s original sponsor, believes that partisan politics are stalling the bill.
“We cannot allow partisan games to derail the momentum we’ve seen over the past three months on this legislation. We have a choice here — move forward or underscore that digital asset and crypto legislation remains solely a Republican domain,” Hagerty told Breitbart News in a statement.
“We are working hard to have as strong and bipartisan vote as possible,” Sen. Cynthia Lummis (R-WY), a sponsor of the GENIUS Act, said in a statement to Breitbart News.
“This is all about the political dynamics of President Trump,” one Senate GOP aide told Terrett.
The Senate Democrat opposition to the stablecoin bill may confuse some readers, as Senate Minority Leader Chuck Schumer (D-NY) supported adding a stablecoin bill to the Federal Aviation Administration reauthorization bill in 2024.
“My goal when it comes to crypto regulation is this: I want to bring members on both sides of the aisle here in the Senate together … so we can pass sensible legislation that helps the United States maintain its status as the most innovative country in the world,” Schumer said in August about the need to pass a pro-crypto bill.
Despite the Democrat opposition, Senate Republican leadership appears undaunted, signaling that they will move forward with a floor vote on the bipartisan crypto bill.
Sean Moran is a policy reporter for Breitbart News. Follow him on X @SeanMoran3.
