Key Senate Democrat signals support for crypto's Stablecoin bill ahead of Monday night vote

Virginia Democratic Sen. Mark Warner on Monday signaled bipartisan support for the chamber's Stablecoin bill, which would establish the first-ever U.S. regulatory framework for cryptocurrencies.

Senate Democrats and three Republicans blocked the bill in its first attempt earlier this month, calling for more reforms to the bill. The bill has seen bipartisan support in the past, but some Democrats said they needed more time.

A procedural vote on the so-called GENIUS Act is expected to take place later Monday, but will need 60 votes to advance. 

“The stablecoin market has reached nearly $250 billion and the U.S. can’t afford to keep standing on the sidelines," Warner said. "We need clear rules of the road to protect consumers, defend national security, and support responsible innovation. The GENIUS Act is a meaningful step forward."

Warner claimed the legislation sets "high standards" for cryptocurrency issuers, creates a better and safer framework for cryptocurrency in the U.S. and "limits big tech overreach." 

"It’s not perfect, but it’s far better than the status quo," he insisted.

Warner was among the Senate Democrats who pulled support for the legislation earlier this month because Republicans allegedly wanted to cut negotiations short. However, he supported it in March and helped advance it out of the Senate Budget Committee.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.