9 Senate Democrats Withdraw Support From Bipartisan Cryptocurrency Bill
WASHINGTON—A group of nine Senate Democrats announced May 3 that they will not support a bill designed to regulate stablecoins in the cryptocurrency industry.
Stablecoins are digital assets whose value is fixed in relation to the value of another asset, such as the exchange rate of the U.S. dollar or the value of traded commodities, including oil, gold, or another cryptocurrency.
Unlike other cryptocurrencies, whose value frequently fluctuates by large amounts, stablecoins are intended to have a more stable value, which makes them more attractive for larger risk-averse investors such as pension funds, sovereign wealth funds, asset managers, and wealthy family offices.
Presently, stablecoins have no federal regulatory system, which lawmakers say would improve investor confidence and enable growth. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, sponsored by Sen. Bill Hagerty (R-Tenn.), is
However, after announcing they would support the bill, some Democrats withdrew their backing on May 3, citing alleged deficiencies in the bill's security provisions.
'[T]he 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,'
Related Stories
11/7/2023
3/6/2025
The group included Democratic Sens. Raphael Warnock (Ga.), Adam Schiff (Calif.), Andy Kim (N.J.), Ben Ray Luján (N.M.), Catherine Cortez Masto (Nev.), Lisa Blunt Rochester (Del.), John Hickenlooper (D-Colo.), and Mark Warner (Va.).
Without changes, they have all committed to voting against cloture on the GENIUS Act, which would prevent it from advancing to final passage in the Senate. One Democrat, Sen. Kirsten Gillibrand (D-N.Y.), remains a co-sponsor of the bill.
The announcement came two days after Senate Majority Leader John Thune (R-S.D.)
Hagerty, the bill's lead sponsor, criticized the Democrats' decision in comments provided to The Epoch Times.
'We cannot allow partisan games to derail the momentum we've seen over the past 3 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 wrote.
Hagerty previously stated that the bill is necessary for the U.S. crypto industry to grow as well as ensure the global economic dominance of the U.S. dollar.
'The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance,' wrote Hagerty in a
The withdrawal of Democratic support comes at a time when the family of President Donald Trump is launching new ventures in the crypto industry. In March, the company World Liberty Financial—run by Donald Trump Jr. and Eric Trump, the president's two eldest sons—introduced a stablecoin named 'USD1,' which would be pegged to the U.S. dollar and U.S. Treasury Bonds. Presently, USD1 has a
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
11 minutes ago
- New York Times
Trump's Crackdown on L.A. Protests Contrasts With His Jan. 6 Response
When violent protests originate from the right — such as those in Charlottesville, Va., in 2017, or at the U.S. Capitol on Jan. 6, 2021 — President Trump has chosen to downplay the violence or suggest the protesters have a noble cause and have been treated unfairly. But when protests originate from what he views as the political left, Mr. Trump often expresses an open desire for law enforcement and the military to harshly crack down on them. Over the weekend, Mr. Trump ordered that 2,000 National Guard troops be deployed on the streets of downtown Los Angeles to quell protests against his administration's immigration enforcement efforts. That was followed by orders on Monday to send 700 Marines to join them, and then later in the day, with an order for 2,000 additional National Guard troops. Even though the demonstrations have been largely contained to specific areas and mostly peaceful, Mr. Trump claimed on social media that the protesters were 'insurrectionist mobs' and that Los Angeles had been 'invaded and occupied by Illegal Aliens and Criminals.' In endorsing harsh law enforcement tactics against immigration protests, Mr. Trump is picking a political fight on ground that Republicans believe is advantageous terrain. Stephen K. Bannon, a former adviser to Mr. Trump, said on his podcast on Monday that the president's response was 'quite smart.' 'He just won a massive national election on this very topic,' Mr. Bannon said, magnifying Mr. Trump's showing in a race he won by less than 2.3 million popular votes. Mr. Bannon accused Democratic-led jurisdictions of inviting in undocumented immigrants and refusing to arrest violent protesters. 'This is why President Trump has to bring in the National Guard and federalize them,' he said. Want all of The Times? Subscribe.
The Hill
14 minutes ago
- The Hill
Colombian presidential candidate in critical condition following assassination attempt
BOGOTA, Colombia (AP) — Miguel Uribe, a conservative Colombian presidential hopeful, was in critical condition on Monday after being shot in the head from close range during a rally over the weekend. In a statement, doctors said the 39-year-old senator had 'barely' responded to medical interventions that included brain surgery following the assassination attempt that has had a chilling effect on the South American nation. Uribe was shot on Saturday as he addressed a small crowd of people who had gathered in a park in Bogota's Modelia neighborhood. On Sunday hundreds of people gathered outside the hospital where Uribe is being treated to pray for his recovery. Some carried rosaries in their hands, while others chanted slogans against President Gustavo Petro. 'This is terrible,' said Walter Jimenez, a lawyer who showed up outside the hospital with a sign calling for Petro's removal. 'It feels like we are going back to the 1990's,' he said, referring to a decade during which drug cartels and rebel groups murdered judges, presidential candidates and journalists with impunity. Petro has condemned the attack and urged his opponents to not use it for political ends. But some Colombians have also asked the president to tone down his rhetoric against opposition leaders. The assassination attempt stunned the nation, with many politicians describing it as the latest sign of how security has deteriorated in Colombia, where the government is struggling to control violence in rural and urban areas, despite a 2016 peace deal with the nation's largest rebel group. The attack on Uribe comes amid growing animosity between Petro and the Senate over blocked reforms to the nation's labor laws. Petro has organized protests in favor of the reforms, where he has delivered fiery speeches referring to opposition leaders as 'oligarchs' and 'enemies of the people.' 'There is no way to argue that the president … who describes his opponents as enemies of the people, paramilitaries and assassins has no responsibility in this,' Andres Mejia, a prominent political analyst, wrote on X. On Monday, Colombia's Senate said it will suspend sessions for an undetermined number of days to show its solidarity with Uribe. The Senate was expected to vote this week on labor legislation that Colombia's president wants to enact through a referendum. Also on Monday, in a joint statement nine opposition parties said they will turn to 'international entities' that can provide them with 'conditions of equality that have been denied' to them by Colombia's government. The parties also called on the Inspector General's office to create a commission that will guarantee transparency and security in elections. The Attorney General's office said a 15-year-old boy was arrested at the scene of the attack against Uribe. Videos captured on social media show a suspect shooting at Uribe from close range. The suspect was injured in the leg and was recovering at another clinic, authorities said. Defense Minister Pedro Sánchez added that over 100 officers are investigating the attack. On Monday, Colombia's Attorney General Luz Adriana Camargo said that minors in Colombia face sentences of up to eight years in detention for committing murders. Camargo acknowledged that lenient sentences have encouraged armed groups to recruit minors to commit crimes. However, she said that Colombian law also considers that minors who are recruited by armed groups are victims, and is trying to protect them. 'As a society we need to reflect on why a minor is getting caught up in a network of assassins, and what we can do to stop this from happening in the future,' she said. Camargo said officials had not identified any death threats against Uribe prior to Saturday's assassination attempt. But on Monday, Uribe's lawyer said he has sued the director of the National Protection Unit, a government agency that assigns security guards and bullet proof vehicles to politicians and human rights leaders. Uribe launched his presidential campaign in October. His lawyer, Victor Mosquera, said the National Protection Unit ignored multiple requests by Uribe to have his security detail expanded as he campaigned. 'His security detail had to be improved,' Mosquera said in a press conference. 'We have to investigate whether the attack (on Uribe) was a consequence of negligence.' In a message on X on Monday, Petro wrote that Uribe's security detail was 'strangely' reduced from seven to three bodyguards on the day of the assassination attempt, and said he asked police to investigate. Petro said there are still many theories about the motive for the attack. ____ Follow AP's coverage of Latin America and the Caribbean at
The Hill
17 minutes ago
- The Hill
Hardline House conservatives swing for fences in asks to Senate GOP on megabill
Hardline conservatives in the House are making a broad swath of recommendations to make the 'One Big Beautiful Bill' of President Trump's tax cut and spending priorities even more conservative. A 10-page memo labeled to Senate Republicans from 'House Conservatives' — with input from members of the House Freedom Caucus while not being officially from the group — and shared with The Hill shows the hardliners swinging for the fences with numerous suggestions to change the megabill. Those include some controversial suggestions that were previously rejected by the House, like putting restrictions on the Medicaid Federal Medical Assistance Percentage (FMAP) that was expanded under ObamaCare; and further reigning in the ability of states to extract more federal Medicaid matching dollars through provider taxes imposed on health care providers. They call for ramping up the repeal of green energy incentives — a position opposed by just over a dozen House GOP moderates, who wrote to the Senate last week to request that leaders 'improve' the green energy tax credits rather than eliminate them The memo calls to scale back the increase to the state and local tax (SALT) deduction, which the bill increases from $10,000 to $40,000 with a phase-out for income above $500,000 — a compromise reached after intense and testy negotiations with blue-state republicans, and a measure considered critical to ensuring the bill makes it to the president's desk. And it pitches increasing a new 3.5 percent tax on remittances that migrants send to their home countries, among other measures — some of which were not fully explained. 'While the House OBBB limits certain benefits for illegal aliens, it does not fully end all taxpayer-funded benefits they receive, and it should,' the memo says. It closes: 'Other Matters Deserving of Consideration That We Are Not (Sufficiently): a) Fed pays interest to banks (Trillions), b) Higher remittance fees (up to point, Billions), c) Prohibition on foreign / China land ownership not restricted enough, d) Other.' The House cleared the 'One Big Beautiful Bill Act' last month, moving it through a special budget reconciliation process that bypasses the need to get Democratic support in the Senate. Senate Republicans are expected to make changes to the bill, which the House will have to vote again to approve before it heads to Trump's desk. Leaders have set a goal of rubber-stamping the bill by July 4 — a timeline seen as ambitious by many in the GOP and their allies outside Congress as different factions in the party jockey over its provisions.
