Senate Democrats Raise Alarm Over Potential Risks of GENIUS Act for US Stablecoins

The latest draft of the GENIUS Act, aimed at regulating stablecoins in the U.S., has sparked concerns from Democratic senators on the Senate Banking Committee. They express reservations about potential loopholes that could enable corruption or create regulatory gaps, raising questions about the bill’s overall effectiveness and fairness. A critical staff analysis warns that the current draft of the bill might not adequately address these issues.