The Democrats' demands have been revealed in the bill that will be a legal victory for Cryptocurrencies in the USA: It will be voted on today!

As the Crypto sector stands on the brink of its first major legal victory that has been long awaited, discussions surrounding the stablecoin regulation on the agenda of the U.S. Congress are intensifying.

However, the latest developments regarding the GENIUS bill have been overshadowed by harsh criticisms from Democratic senators.

According to crypto journalist Eleanor Terrett from Fox Business, Democrats on the Senate Banking Committee published a rather critical analysis of the final version of the GENIUS bill ahead of an important vote scheduled for this evening.

In the report prepared by the committee staff, the bill was accused of "laying the groundwork for 'Trump crypto corruption'" and of posing a risk of granting Big Tech companies dominance over digital currencies. Democrats called for additional amendments to address unresolved issues related to the bill.

The main points criticized by the Democrats are as follows:

• There is no provision preventing Trump from profiting from his own stablecoin.
• Elon Musk's ownership of the X platform paving the way for the launch of a stablecoin called "X Money".
• It could expand the gaps for existing stablecoins like Tether, and this situation could be beneficial for terrorists or criminals.
• It contains serious deficiencies in terms of consumer protection and financial security measures.

The GENIUS bill that the Senate plans to put to a vote today includes significant regulations for stablecoin issuers. According to the bill, stablecoins will have to be backed by fully liquid and secure assets, such as treasury bonds. Additionally, compliance with anti-money laundering and anti-terror financing rules will be mandated, and investors will be ensured to be recognized as priority creditors in the event of a potential bankruptcy.

The bill could advance with the approval of 60 senators. Although it was initially thought to pass easily with bipartisan support at the beginning of the month, recent amendments have raised concerns among some Democratic figures. Senators like Elizabeth Warren and House Representative Maxine Waters are taking a cautious approach to the influence of the crypto sector.