A group of Democrats in the US Senate, known for their support for the encryption industry, said they will oppose the STABLECOIN bill led by Republicans if it moved forward in its current form.
This step threatens legislation that can establish the first organizational framework of the United States for Stablecoins, according to May 3. a report From politico.
According to the report, nine Democrats in the Senate said in a joint statement that the bill “still has many issues to be addressed.” They warned that they would not support procedural vote to enhance legislation unless changes are made.
Among the signers of the Senate were Robin Galigo, Mark, Warner, Lisa Blant Rothschest and Andy Kim – all of whom had supported the draft law in the past when it passed through the Paradise Paradise in the Senate in March.
The draft law, submitted by Senator Bill Hajri, is known as the Order of Guidance and the Establishment of the National Innovation of the United States Law (genius).
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The Senate is preparing to vote on the Stablecoin Bill
The Senate is expected to start looking into the draft law in the coming days, as it is possible that the first vote will take place next week.
The draft law was defended by the encryption industry as a prominent step towards organizational clarity. However, Democrats around the face reflects the discomfort within the party.
Although reviews of the draft law after his committee approval to address democratic fears, legislators said the changes in short. They called for stronger guarantees related to money laundering, national security, foreign exporters, and accountability measures for incompatible actors.
The statement was also signed by Senator Rafael Warrnok, Catherine Cortez Masto, Ben Ray Logan, John Heikinlobob and Adam Chef.
Senator Kirsten Gilbrand, and the Sennuer Angela Alecoprox were absent from the list, who participated in the sponsorship of the draft law alongside Hajari.
Despite their objections, Democratic Senators affirmed their commitment to the formation of the responsible encryption organization. According to what they stated, they said that they are “keen to continue working with our colleagues to address these issues.”
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The encryption needs the Stablecoin bill
On April 27, Caitlin Long, the founder and chairman of the Bank Custodia Bank, criticized the American Federal Reserve to maintain a major Crydpto control policy prefer Stablecoins issued by large banks, despite the relaxation of bank encryption partnerships for banks.
He has long explained that although the Federal Reserve recently canceled four previous encryption guidelines, January 27, 2023, a sound statement was left in coordination with the Biden administration.
The guidance, according to Long, prevents banks from engaging directly with encryption assets and prohibiting them from Stablecoins on Blockchains without permission.
However, he long noticed that once the Federal Stablecoin Bill has become a law, the Federal Reserve’s position could exceed. “Congress must rush.”
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