Stuart Alderoty, chief legal officer at enterprise blockchain company Ripple, recently took aim at Massachusetts Senator Elizabeth Warren for opposing key stablecoin legislation.
Alderoty claims that Warren's "war on crypto" is "all-consuming" since she is advocating against the bill that he believes is supposed to protect stablecoin users.
Warren, however, is convinced that the bill will facilitate corruption, arguing that the Senate should not pass it.
"Right now, the Senate is going to greenlight the grift by passing the so-called GENIUS Act next week," she said.
As reported by U.Today, some pro-crypto Democrats have now changed their tune on the bill, jeopardizing its passage. Senate Minority Leader Chuck Schumer is particularly concerned about Tether.
Warren, a staunch opponent of the cryptocurrency industry, initially threw cold water on the idea of passing stablecoin legislation last August. The senator, who is considered to be one of the leaders of the progressive movement within the Democratic Party, claimed that efforts to fold stablecoins deeper into the banking sector with the help of regulatory frameworks could actually amplify risk.
Multiple amendments to the GENIUS Act proposed by Warren and some other Democrats have failed to pass.
The Republicans intended to get a full Senate vote for the bill before Memorial Day, but it is unclear whether they will be able to secure 60 votes to overcome a filibuster now that some Democrats are reconsidering their support under pressure from the anti-crypto faction of their party.
Vladislav Sopov