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U.S. Senators Reverse Support for Crypto Bill, Warning of Risks in Revised GENIUS Act
U.S. Senators Reverse Support for Crypto Bill, Warning of Risks in Revised GENIUS Act
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Ten U.S. senators have unexpectedly opposed the revised GENIUS Act, a legislative effort to regulate stablecoins and cryptocurrency markets. The bipartisan backlash, led by Democrats Ruben Gallego, Mark Warner, Marilyn Strickland Kim, and Lisa Blunt Rochester, marks a sharp reversal from their prior support during March’s Senate Banking Committee hearings.
The senators argue the updated bill fails to provide adequate safeguards, potentially exacerbating systemic risks rather than mitigating them. Their joint statement, highlighted by crypto journalist Eleanor Terrett, has injected uncertainty into the regulatory landscape at a critical juncture for digital asset markets.
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