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Crypto Industry Faces Legislative Hurdles as Stablecoin Bill Draws Opposition
Crypto Industry Faces Legislative Hurdles as Stablecoin Bill Draws Opposition
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Nine Democratic senators, including Digital Assets Subcommittee ranking member Ruben Gallego, have declared their opposition to the current version of the GENIUS Act. The proposed stablecoin legislation lacks sufficient safeguards on anti-money laundering, foreign issuers, and financial system stability, according to the lawmakers.
The resistance highlights growing tensions between crypto innovation and regulatory oversight. While the sector has seen rapid development this year, legislative progress now faces speed bumps reminiscent of physical traffic calming measures—unexpected but perhaps necessary for long-term stability.
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