A group of pro-crypto Senate Democrats said Saturday they would oppose GOP-led stablecoin legislation that some of them previously supported if it goes to the floor in its current form, a stunning twist that could jeopardize the bill’s path forward.
A group of nine Democrats who have previously backed industry-friendly crypto legislation wrote in a statement Saturday that “the bill as it currently stands still has numerous issues that must be addressed,” adding they “would be unable to vote for cloture should the current version of the bill come to the floor.” The statement was signed by four Democrats who voted in favor of the stablecoin bill when it cleared the Senate Banking Committee in March: Sens. Ruben Gallego of Arizona, Mark Warner of Virginia, Lisa Blunt Rochester of Delaware and Andy Kim of New Jersey.
The surprise statement comes as the Senate is expected to begin considering the landmark stablecoin bill in the coming days, with the first procedural vote on the legislation expected as soon as next week. The bill, which needs support from at least seven Democrats to pass the Senate, would create the first-ever U.S. regulatory framework for issuers of stablecoins, which are digital tokens that are pegged to other assets like the dollar.
https://www.yahoo.com/news/democrats-reverse-course-oppose-senate-004658405.html