A group of democrats from the United States Senate known for supporting the cryptographic industry has said that Nawn opposes a Stablecoin bill led by Republicans if he advances in their current form.
The threat measure to stop the legislation that could establish the first regulatory framework of the United States for Stablecoins, according to a report of May 3 of Politicus.
According to the report, nine Senate Democrats said in a joint statement that the bill “still has numerous problems that must be addressed.” They warned that they would not support a procedural vote to advance the legislation unless changes are made.
Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim, all of which had previously supported the bill when he went through the Senate Banking Committee in March.
The bill, presented by Senator Bill Hagerty, is formally known as the National Innovation Innovation Law for the United States (Genius).
Related: Powell de Fed reaffirms support for the legilation of Stablecoin
The Senate is preparing to vote on the Stablcoin bill
The Senate is expected to begin the consideration of the bill in the next few days, and the first vote will take place next week.
The bill has been defended by the cryptographic industry as a historical step towards regulatory clarity. However, the face of the Democrats reflects the growing restlessness within the party.
Although reviews were made to the bill after the approval of their committee to address democratic conerns, legislators said the changes fell short. They requested stronger safeguards related to money laundering, national security, foreign emitters and responsibility measures for non -compliant actors.
The statement was also signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper and Adam Schiff.
Senator Kirsten Gillibrand and Senator Angela Alsobrooks were absent from the list, who co -crocked the bill along with Hagerty.
Despite their objections, democratic senatic ones emphasized their commitment to shape the responsible cryptographic regulation. According to reports, they said that “they are eager to continually work with our creaccas to address thesis problems.”
Related: The US Banks are ‘free to start supporting bitcoin’
Crypto needs a stablecoin bill
On April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the United States Federal Reserve for silently maintaining an anticrypto key policy that favors Stablecoins of large banks, despite relaxing the rules of the cryptographic association.
Long explained that although the Fed recently rescinded four previous cryptography guidelines, a statement of January 27, 2023, was left intact in coordination with the Biden administration.
The guide, according to Long, prevents banks from getting directly involved with cryptography assets and forbids stable in blockchains without permission.
However, Long pointed out that once a federal bill of Stablecoin becomes law, he could steal the position of the Fed. “Congress should hurry,” he urged.
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