Senate stablecoin vote outcome uncertain, after key Democrats back out-OxBig News Network

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.”

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.