A group of American Democrats, known for supporting the cryptocurrency industry, said that they would oppose the Act on Stablecoin under the leadership of Republicans, if she went forward in its current form.

This movement threatens to stop regulations that could establish the first American regulatory framework for Stablecouins, according to May 3 report with politico.

According to the report of nine Democrats of the Senate, he stated in a joint statement that the Act “still has many issues to be resolved.” They warned that they would not support procedural voting to develop the regulations, unless changes were made.

Among the signatories were Senators of Ruben Gallo, Mark Warner, Lisa Blunt Rochester and Andy Kim – all of whom previously supported the law when he passed through the Senate the Banking Commission in March.

The Act, introduced by Senator Bill Hagerty, is formally known as the Act on national innovations for American Stablecouins (genius).

Related: Powell Reasets Fed Reasets for Stablecoin legislation

The Senate is preparing to vote on the Stablecoin Act

It is expected that the Senate will start considering the act in the coming days, and the first vote took place next week.

The act was supported by the cryptographic industry as a breakthrough step towards regulatory transparency. However, the face of democrats is reflected in the growing anxiety in the party.

Although the act was amended after his commission approval to solve democratic problems, legislators stated that the changes were not insufficient. They called for stronger security related to washing of prevention of washing, national security, foreign issuers and accountability funds for incompatible entities.

The statement was also signed by Senators of Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper and Adam Schiff.

Senator Kirsten Gillibrand and Senator Angela Alsobrooks were absent on the list that sponsored the act alongside Hagerta.

Despite their reservations, democratic senators emphasized their involvement in shaping responsible regulations of cryptocurrencies. Apparently they said that “they are happy to continue working with our colleagues to solve these problems.”

Related: American banks can “start supporting bitcoins”

Crypto needs Stablecoin

On April 27, Caitlin, founder and general director of Custody Bank, criticized the US Federal Reserve for quietly maintaining a key anti -expert policy, which favors Stablecouins issued by gigantic banks, despite the loosening of the principles of cryptographic partnership for banks.

Long explained that while the Fed had recently repealed four earlier guidelines regarding cryptocurrencies, the statement on January 27, 2023 remained intact in coordination with Biden administration.

The guidelines, according to Long, blocks banks from directly involved with cryptographic assets and forbid them to spend stableleins on free blockchain.

However, he has long noticed that when the federal bill on Stablecoin became a law, it could replace the Fed position. “Congress should hurry,” she persuaded.

Warehouse: Financial nihilism in Crypto is over – it’s time to dream again