What started as a promising effort to apply transparent rules to crypto and stablecoins encountered a serious road dam.
On May 4, 2025, ten American senators left against the revised version of the “Genius Act”, declaring that it could do more harm than good. The action, according to an X post of the journalist of Crypto Eleanor Terrett, took a lot of guard, especially because some people on the list had supported the bill a few weeks earlier.
Among the opposing criticisms are four Democrats – Ruben Gallego, Mark Warner, Marilyn Strickland Kim and Lisa Blunt Rochester – who were all supporting the bill in March at the hearing of the Senate banking committee.
Nouvelle: Senator @Rubengallego And nine other senators have just published a joint declaration concerning the updated text of the law on the engineering which was published last week, saying that they could not support the bill in its current form. The group notes several concerns, notably insufficient … pic.twitter.com/876m4wcvda
– Eleanor Terrett (@elean branch) May 3, 2025
Their change adds a fresh weight to the increasing concerns that the rules proposed have the potential to undermine the anti-white protection and to endanger financial stability. Angela Alsobrooks, co-partner of the bill since its creation, refused to sign the opposition letter.
Senators’ alarm ringtones go back to national security and LMA gaps
Based on the joint declaration published by the senators, the last bill omits essential guarantees. The concerns of their own are the most important in terms of national security and a low presence of anti-money laundering protections (LMA). They also warned of ambiguous regulations which can expose the cryptographic markets to the exploitation.
The legislation, technically entitled “Guid and establishment of national innovation for the American stable law”, was proposed in February 2025. Supporters said that it would allow the United States to remain competitive in financial technology without endangering consumers. But this last reaction is an indication that legislators are not all on the same wavelength when it comes to “sure”.
Has cryptographic investors left again in the dark?
The counterpoup adds more unpredictability to an already volatile cryptography market. Only one day before the senators published their declaration, the new language of the bill was revealed. Traders and investors waiting for clarity are now left pending once again. If the legislators cannot decide on most of the bill, it may be that months before any version is signed.
Image: The Shib Daily
This type of delay can be damaging. Payment stables are set to the US dollar and are frequently used as a paradise during the fluctuations on the turbulent market. Without a clear orientation of legislators, crypto exchanges and developers could be reluctant to develop or develop in the United States.
The counterpoup is notable because it occurs while the Senate tries to precipitate the bill – and the press organizations are investigating the cryptographic companies of the American president Donald Trump and the potential links involving his relatives.
AI and blockchain projects could feel the heat
Among the objectives of the bill are stimulating innovation where blockchain and artificial intelligence meet. This is why the opposition of senators also makes it rise in the technological community.
The tokens that support AI programs created on the blockchain could be indirectly affected if money and support for policies become bogged down in the political dead ends of Washington.
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