Senators Oppose Revised GENIUS Act, Citing National Security Risks

Senator Ruben Gallego and nine others released a statement opposing the revised GENIUS Act, questioning its national security provisions.

The senators' objections could signify delays in legislative progress and potential shifts in regulatory sentiment.

Senate Resistance Grows Amid National Security Concerns

The revised GENIUS Act has led to opposition from Senators Ruben Gallego and nine colleagues, who once supported it. The senators cite national security and financial safety issues. Ruben Gallego emphasized, "Concerns about the latest version of the GENIUS Act primarily revolve around anti-money laundering provisions and national security."

These objections highlight potential legislative delays. National security risks in financial systems remain a top concern, prompting a shift from initial support.

There was no significant market reaction shortly after the senators' statement. Crypto markets showed stability, with no major asset fluctuations noted.

Regulatory Uncertainty Casts Shadow Over Crypto Markets

Did you know? In past legislative reforms, opposition from initial supporters often indicated upcoming extensive debates, which delayed reform passage and sometimes caused short-term market unease.

According to CoinMarketCap, Ethereum's price stands at $1,827.21 with a 24-hour trading volume of $10.14 billion. It holds a significant market cap of $220.60 billion, maintaining a market dominance of 7.47%. Over 60 days, its price dropped by 20.05%.

Coincu research suggests that long-term regulatory stalemates could inhibit technological advancements. Experts advise monitoring legislative discussions as potential impacts on the crypto ecosystem could emerge.