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PRO-CRYPTO DEMOCRATS PULL SUPPORT FOR STABLECOIN BILL IN LAST MINUTE
A group of nine US Senate Democrats say they will oppose the stablecoin bill in its current form, threatening its chances of passing.
A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.
The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.
Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned 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 whom had previously backed the bill when it passed through the Senate Banking Committee in March.
The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
Senate prepares to vote on stablecoin bill
The Senate is expected to begin floor consideration of the bill in the coming days, with the first vote potentially taking place next week.
The bill has been championed by the crypto industry as a landmark step toward regulatory clarity. However, the Democrats’ about-face reflects growing unease within the party.
Although revisions were made to the bill after its committee approval to address Democratic concerns, the lawmakers said the changes fell short. They called for stronger safeguards related to:
- Anti-Money Laundering
- National Security
- Foreign Issuers
- Accountability measures for noncompliant 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-sponsored the bill alongside Hagerty.
Despite their objections, the Democratic senators emphasized their commitment to shaping responsible crypto regulation. They reportedly said they “are eager to continue working with our colleagues to address these issues.”
Crypto needs a stablecoin bill
On April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.
Long explained that while the Fed recently rescinded four prior crypto guidelines, a Jan. 27, 2023, statement was left intact in coordination with the Biden administration.
The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.
However, Long noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged.
@ Newshounds News™
Source: CoinTelegraph
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BRICS ACCELERATES CURRENCY SHIFT WITH NEW TRADE TOOLS AND PAYMENT SYSTEMS
BRICS nations are turbocharging their break from Western-dominated finance, advancing local currency trade, cross-border payment systems, and groundbreaking investment platforms to empower the Global South.
BRICS Ministers Push Local Currencies, Cross-Border Payment Plan, and New Investment Platforms
Foreign ministers from the BRICS countries highlighted their commitment to shifting away from reliance on dominant global currencies during a meeting in Rio de Janeiro earlier this week. The official Chair’s Statement from the Meeting of BRICS Foreign Ministers emphasized expanding the use of local currencies in trade and financial transactions within the bloc and with partner countries.
The meeting, hosted under Brazil’s 2025 BRICS Chairship, underscored the group’s intention to enhance economic sovereignty and regional cooperation through new monetary tools. The statement details:
The ministers underscored the importance of the enhanced use of local currencies in trade and financial settlements between BRICS countries and their trade partners.
They referenced paragraph 66 of the Kazan Declaration, which directs finance ministers and central bank governors to continue examining the use of:
- Local currencies
- Payment instruments and platforms
This includes assessing the feasibility of a BRICS cross-border payments initiative, known as BRICS Clear, and enhancing the bloc’s reinsurance capacity, with a mandate to report findings to BRICS leaders. These initiatives are viewed as essential to:
- Deepening financial integration among BRICS members
- Reducing vulnerabilities associated with external economic shocks
The group also reaffirmed its commitment to fostering investment within its own ranks and across the Global South. The statement notes:
They emphasized the importance of continuously expanding local currency financing and strengthening innovation in investment and financing tools and acknowledging the initiative to create new investment platform to boost investment flows into BRICS countries and the Global South mechanisms.
This strategy aligns with broader goals of:
- Financial inclusivity
- Economic resilience
- A transition toward a multipolar economic system that better reflects the interests of emerging markets and developing countries
The focus on local currencies and financial platforms complements ongoing discussions around BRICS-led alternatives to existing global payment systems. Ministers are expected to deliver concrete proposals for BRICS leaders to review, building on the momentum created by prior declarations and new institutional frameworks designed to accelerate intra-bloc economic collaboration.
@ Newshounds News™
Source: Bitcoin News
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