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Pro-crypto Democrats withdraw support for the GENIUS Act, putting U.S. stablecoin regulation at risk amid concerns over AML and national security. Regulatory uncertainty delays stablecoin legislation, impacting market sentiment as Bitcoin trades under pressure around $94.5K. A major U.S. stablecoin bill that was once considered a key step toward crypto regulation is now on shaky ground. In a surprising twist, several pro-crypto Senate Democrats who previously backed the legislation have withdrawn their support—putting the bill’s future in serious jeopardy. According to a previous coverage by Crypto News Flash (CNF), on the Framework Ventures critics of U.S. stablecoin regulations, it was explained that the GENIUS Act may restrict foreign stablecoin issuers, weakening dollar dominance and driving financial innovation outside the U.S. The legislation, formally called the GENIUS Act and introduced by Senator Bill Hagerty, aimed to create the first comprehensive U.S. regulatory framework for stablecoins. However, as referenced from a recent tweet , it explained why the Senate’s crypto bill is in turmoil: The path forward for landmark stablecoin legislation is in jeopardy after 9 key Dems said they wouldn’t support revisions that GOP lawmakers unveiled last week. Nonetheless, nine Democrats, including prominent names like Mark Warner, Andy Kim, and Ruben Gallego, said in a May 3 statement that the bill “still has numerous issues” and warned they would not back a procedural vote unless significant changes are made. According to most media, the senators cited concerns around anti-money laundering safeguards, national security risks, and accountability for foreign or noncompliant stablecoin issuers. While some revisions were made to the bill after it passed the Senate Banking Committee in March, the lawmakers say those changes fell short. In addition, their about-face is particularly significant because many of them had supported the bill during earlier negotiations. This reversal highlights growing unease even among crypto-friendly Democrats, who now appear more cautious about moving forward without stricter protections. According to recent market reports, while the lawmakers have signaled they’re still willing to work together, any delay could push stablecoin regulation further down the legislative calendar—potentially into 2026. Reiterating a previous CNF report highlighting that a $1.25B stablecoin injection was known to have fueled the next BTC pump. However, the uncertainty is echoing in the broader crypto market. At the time of writing, Bitcoin (BTC) is trading at $94,594.49, down by 1.14% in the past 24 hours and 0.21% in the past week. See BTC price chart below.

A group of nine Senate Democrats who previously backed crypto-friendly legislation are now threatening to derail a landmark stablecoin bill, signaling deepening divisions over how the fast-growing digital asset sector should be regulated. In a surprise Saturday statement first reported by Politico, the senators declared they would not support the GOP-led bill “in its current form” if it reaches the Senate floor, citing a range of unresolved concerns. Their demands for changes focus on several key areas: safeguards to prevent illicit financial flows, stricter rules on overseas stablecoin providers, national security, stronger guarantees that stablecoins won’t undermine the safety and soundness of the existing financial infrastructure, and tougher penalties on noncompliant actors. The move comes just days before the chamber is expected to hold a procedural vote on the legislation, which aims to create the first federal framework for stablecoin issuers — digital tokens typically pegged to the U.S. dollar or other assets. The Democratic bloc, which includes Sens. Ruben Gallego (Ariz.), Mark Warner (Va.), Lisa Blunt Rochester (Del.), and Andy Kim (N.J.) — all of whom previously voted in favor of the bill when it passed the Senate Banking Committee in March — now say the legislation still “has numerous issues that must be addressed.” The letter, also signed by Sens. Raphael Warnock (Ga.), Catherine Cortez Masto (Nev.), Ben Ray Luján (N.M.), John Hickenlooper (Colo.), and Adam Schiff (Calif.), emphasized a continued willingness to negotiate. “We are eager to continue working with our colleagues to address these issues,” the senators wrote. “As stablecoins continue to grow in popularity, it is critical for Congress to work in a bipartisan fashion to create a regulatory framework that sets forth clear rules of the road.” Notably absent from the statement were the bill’s two Democratic co-sponsors: Sen. Kirsten Gillibrand (N.Y.) and Sen. Angela Alsobrooks (Md.). The bill’s lead sponsor, Sen. Bill Hagerty (R-Tenn.), responded to the pushback with a warning and a challenge. “We have a choice here. Move forward and make any remaining changes needed in a bipartisan way, or show that digital asset and crypto legislation remains a solely Republican issue,” he said, stressing the need to solidify U.S. dominance in the digital asset space. The defection adds a new layer of complexity to an already contentious process, especially as the Trump family’s growing involvement in the digital asset space — including plans for a new stablecoin venture — has injected fresh political sensitivities into the debate. With the bill now hanging in the balance, Democrats may hold the leverage to reshape key provisions — or stall one of the crypto industry’s most significant regulatory breakthroughs to date.

Share: US stablecoin legislation may be blocked after several Democratic senators withdraw support Nine Democratic senators who once supported crypto-friendly legislation recently announced that they would no longer support the Republican-led stablecoin bill if it maintains its status quo. The bill aims to establish the first regulatory framework in the United States for stablecoin issuers. It has previously passed the Senate Banking Committee and is expected to enter the full house review stage in the near future. It is reported that opponents include Democratic senators such as Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim, who previously supported the bill, but these lawmakers recently pointed out that the relevant bill still has shortcomings in anti-money laundering, national security and accountability mechanisms, and needs further improvement. This move may affect the prospects for the passage of the United States Stablecoin National Innovation Guidance and Establishment Act (GENIUS ACT) promoted by Republican Senator Bill Hagerty. (Cointelegraph)

Analysis: 70% of hedge funds expect Bitcoin dominance to continue to rise, and the alt season may be delayed According to a survey by Crypto Insights Group of 50 hedge funds with more than $5 billion in assets under management, 70% of respondents expect Bitcoin's dominance in the crypto market to further increase in the next six months, three times the same period last year. This trend may delay the arrival of the alt season. The report pointed out that the three major factors driving the rise in Bitcoin's dominance include: 1. Against the backdrop of increasing macroeconomic uncertainty, Bitcoin has shown strong resistance to declines, attracting more safe-haven funds; 2. The launch of Bitcoin ETFs and the establishment of the US Strategic Bitcoin Reserve provide institutional investors with a clearer regulatory framework; 3. Most altcoins have performed poorly, and investors prefer Bitcoin with higher liquidity and lower risks. Despite this, Andy Martinez, CEO of Crypto Insights Group, said that the alt season has not completely ended, and funds are turning to projects with real income, transparent finances and reasonable token issuance plans. (DL News)