PANews reported on May 4 that according to reporter Eleanor Terrett, U.S. Senator Ruben Gallego and nine other senators issued a joint statement saying they could not support the updated version of the GENIUS Stablecoin Act released last week. The group pointed out a number of concerns, including insufficient provisions in anti-money laundering, national security, and financial system security.
It is worth noting that the four Democratic senators on the list, Gallego, Warner, Kim and Blunt Rochester, supported the original version of the bill during the Senate Banking Committee's deliberations in March. Angela Alsobrooks, the co-sponsor of the bill, did not sign the letter.
