Conservatives call for Labour’s Lucy Powell to resign over grooming gang remarks
A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.
The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.
Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.
Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim — all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.
The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
Related: Fed’s Powell reasserts support for stablecoin legislation
Senate prepares to vote on stablecoin bill
The Senate is expected to begin floor consideration of the bill in the coming days, with the first vote potentially taking place next week.
The bill has been championed by the crypto industry as a landmark step toward regulatory clarity. However, the Democrats’ about-face reflects growing unease within the party.
Although revisions were made to the bill after its committee approval to address Democratic concerns, the lawmakers said the changes fell short. They called for stronger safeguards related to Anti-Money Laundering, national security, foreign issuers, and accountability measures for noncompliant actors.
The statement was also signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper and Adam Schiff.
Senator Kirsten Gillibrand and Senator Angela Alsobrooks were absent from the list, who co-sponsored the bill alongside Hagerty.
Despite their objections, the Democratic senators emphasized their commitment to shaping responsible crypto regulation. They reportedly said they “are eager to continue working with our colleagues to address these issues.”
Related: US banks are ‘free to begin supporting Bitcoin’
Crypto needs a stablecoin bill
On April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.
Long explained that while the Fed recently rescinded four prior crypto guidelines, a Jan. 27, 2023, statement was left intact in coordination with the Biden administration.
The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.
However, Long noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged.
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Bitcoiners and United States government officials have criticized Arizona Governor Katie Hobbs’s decision to veto a bill that would have allowed the state to hold Bitcoin as part of its official reserves.
“This will age poorly,” Casa co-founder and cypherpunk Jameson Lopp said in a May 3 X post. Bitcoin (BTC) entrepreneur Anthony Pompliano said, “Imagine the ignorance of a politician to believe they can make investment decisions.”
Call for government officials who understand Bitcoin is “the future”
“If she can’t outperform Bitcoin, she must buy it,” Pompliano said. Crypto lawyer Andrew Gordon said, “We need more elected officials who understand that Bitcoin and crypto are the future.”
Wendy Rogers, who co-sponsored the bill with State Representative Jeff Weninger, also voiced her disappointment.
“Politicians don’t understand that Bitcoin doesn’t need Arizona. Arizona needs Bitcoin,” Rogers said.
On May 2, Hobbs vetoed the Arizona Strategic Bitcoin Reserve Act, which would have permitted Arizona to invest seized funds into Bitcoin and create a reserve managed by state officials. “Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” Hobbs said.
Rogers said she would refile the bill during her next session. Rogers also pointed out that Arizona’s state retirement system already holds stocks of Michael Saylor’s Strategy (MSTR).
“Which is basically a leveraged Bitcoin ETF. Arizona’s Strategic Bitcoin Reserve bill will be back. HODL,” Rogers said. The stock price of Strategy rose 32% in April, the most significant monthly gain since November 2024.
Related: US gov’t actions give clue about upcoming crypto regulation
However, well-known crypto skeptic Peter Schiff sided with Hobbs. “The government should not be making decisions to use public funds to speculate in cryptocurrencies,” Schiff said.
Arizona would have become the first US state to establish a Bitcoin Strategic Reserve if it had passed.
Arizona joins several other US states where similar efforts have failed. Similar proposals in Oklahoma, Montana, South Dakota and Wyoming have stalled or been withdrawn recently.
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Reform UK chairman Zia Yusuf says his party’s mission is to “remoralise” young people.
Speaking off the back of his party’s massive gains in the local elections, Mr Yusuf said young people were being taught to “hate their country” and that Reform’s mission was to change their morals.
“There has been an industrial-scale demoralisation, particularly of young people in this country, who are basically being taught quite deliberately that they should hate their country; they should be deeply ashamed of their country’s history; that the United Kingdom had a brutal empire,” he told The Times.
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“Look, of course, you know, the British Empire was not perfect, but I actually think overall the British Empire did much more good for the world than it did bad.”
He said the party’s mission was to “remoralise” the youth and that within a couple of months of gaining power, Reform would erect statues of great British figures and end “all this woke nonsense”.
He continued: “How many young people know who Isambard Kingdom Brunel is? Look at the character assassination that has occurred on the legacy of Sir Winston Churchill.
“The fact that they have to cover up his statue because they don’t want to provoke protesters. I mean that’s the sort of utterly indefensible so-called leadership that we’ve had and young people feel that in their bones.”
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Inside Reform’s election success
Read more:
Tory leader apologises to councillors as Reform makes big gains
‘I get it’: Starmer responds after losing Runcorn by-election to Reform UK
He said he believes Reform leader Nigel Farage’s message is “resonating” with young people and added: “I think that a lot of young people we speak to feel very smothered by a finger-wagging sort of teaching class.
“They feel very restricted, they feel a huge lack of opportunity … You’re going to hear from us over the next couple of years more and more of a policy platform for young people, for Gen Z and for millennials.”
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Voters turn to Reform UK
Mr Farage has been more focused on what his party’s trajectory is doing to the Conservatives, saying in his column for The Telegraph that Kemi Badenoch’s party had been “hollowed out” and is experiencing a “strange death” due to the rising popularity of Reform.
He said the UK had reached a “new political age”, reiterating earlier claims that two-party politics “is finished”.
Reform chairman Zia Yusuf will be appearing on Sky News’ Sunday Morning With Trevor Phillips from 8.30am this morning.
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