Senate stablecoin vote outcome uncertain, after key Democrats back out

Senate stablecoin vote outcome uncertain, after key Democrats back out


Nine Senate Democrats pull support for stablecoin bill, putting future in doubt: CNBC Crypto World

The Senate will hold a key vote on a landmark crypto regulation package on Thursday. Dubbed the GENIUS Act, the bill will require 60 votes to advance to the Senate floor for final passage.

The GENIUS Act aims to create a regulatory framework for stablecoins, or digital assets that are pegged to the value of other assets, like the U.S. dollar.

But its fate is in question ahead of Thursday’s vote, after nine Democrats — four of whom had previously voted for the bill in committee — said that they won’t support the legislation.

Led by Sen. Ruben Gallego, D-Ariz., the Democrats said in a statement Saturday that they had “numerous issues” with the latest version of the bill. They called for stronger provisions to address “anti-money laundering, foreign issuers, and national security.”

Sen. Ruben Gallego, D-Ariz., questions South Dakota Gov. Kristi Noem, President-elect Donald Trump’s nominee to be Homeland Security secretary, during her Senate Homeland Security and Governmental Affairs Committee confirmation hearing in Dirksen building on Friday, January 17, 2025.

Tom Williams | Cq-roll Call, Inc. | Getty Images

The group was comprised of Sens. Mark Warner, Va., Raphael Warnock, Ga., Lisa Blunt Rochester, Del., Catherine Cortez Masto, N.V., Andy Kim, N.J., Ben Ray Luján, N.M., John Hickenlooper, Colo., and Adam Schiff, Calif.

“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 lawmakers said in the statement.



Source

Trump says it is ‘such an honor’ that Vatican elected first U.S. pope
Politics

Trump says it is ‘such an honor’ that Vatican elected first U.S. pope

President Donald Trump congratulated Robert Francis Prevost after his election as pope Thursday, making him the first American-born pontiff in the history of the Roman Catholic Church. Prevost, 69, of Chicago, will be known as Pope Leo XIV. “It is such an honor to realize that he is the first American Pope,” Trump wrote on […]

Read More
American Robert Prevost chosen to be Pope Leo XIV
Politics

American Robert Prevost chosen to be Pope Leo XIV

White smoke rises from the chimney on the Sistine Chapel, indicating that a new pope has been elected at the Vatican, May 8, 2025. Dylan Martinez | Reuters Roman Catholic cardinals selected a new pope on the second day of their conclave Thursday, signaling the election with plumes of white smoke billowing from a chimney […]

Read More
Trump says he’s pulling nomination of Ed Martin for top D.C. federal prosecutor
Politics

Trump says he’s pulling nomination of Ed Martin for top D.C. federal prosecutor

U.S. President Donald Trump makes an announcement about a trade deal with the U.K., in the Oval Office at the White House in Washington, D.C., U.S., May 8, 2025. Leah Millis | Reuters President Donald Trump said Thursday that he will pull his controversial nomination of Ed Martin to be the top federal prosecutor for […]

Read More