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CT, NY Senate Democrats at odds over stablecoin legislation

Sen. Kirsten Gillibrand, D-N.Y., speaks at a confirmation hearing, at the Capitol in Washington.
John McDonnell
/
AP
Sen. Kirsten Gillibrand, D-N.Y., speaks at a confirmation hearing, at the Capitol in Washington.

Federal lawmakers from New York and Connecticut want to regulate the cryptocurrency stablecoin. They have different ideas about what that should look like.

On Monday, the U.S. Senate advanced legislation to create the country's first regulatory framework for stablecoins, which are digital currencies pegged to the value of a stable currency, like the U.S. dollar. The legislation is supported by the crypto industry.

Sen. Kirsten Gillibrand (D-NY), a former securities lawyer, is the lead Democratic co-sponsor of the bill.

"A product of months of bipartisan negotiations, the GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar," Gillibrand said in a statement. "The bill takes aim at illicit finance, places limitations on Big Tech, puts in place ethical guardrails and defends national security."

Monday's vote was for cloture, which doesn't pass the legislation out of the Senate. It limits debate on the bill and makes way for it to go to a final vote.

Sen. Chris Murphy (D-CT) voted against the bill, citing that it didn't do anything to prevent President Donald Trump from profiting off his stablecoin, USD1. Murphy wants to add amendments to that extent, but Republicans control the Senate and are unlikely to advance them.

"The GENIUS Act exempts President Trump from the ethics laws on stablecoin. It allows him to continue his corruption," Murphy posted on X. "Some of the Democrats who voted to advance the bill tonight want this changed before the final vote. So there is still time to fix this - if we speak up."

U.S. Senators Chuck Schumer (D-NY) and Richard Blumenthal (D-CT) also voted against the legislation.

Copyright 2025 WSHU

Molly Ingram

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SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.