🚨NEW: Senator @RubenGallego and nine other senators just issued a joint statement regarding the updated text of the GENIUS Act that was released last week, saying they cannot support the bill in its current form. The group notes several concerns, including insufficient provisions on anti-money laundering, national security, and financial system safety. Notably, four Dems on the list supported the bill in its original form during the @BankingGOP markup in March: Gallego, Warner, Kim and Blunt Rochester. Democrat Angela Alsobrooks, a co-sponsor of the bill, did not sign the letter. “This is all about the political dynamics of President Trump,” one Republican Senate aide tells me. The letter comes following major media scrutiny of Trump’s various crypto ventures, including a New York Times story that stated Trump's family members could profit heavily from $2 billion worth of @worldlibertyfi USD1 stablecoins being used for an investment by a foreign fund. It also comes just two days after @LeaderJohnThune initiated a process that would expedite a full floor vote on the GENIUS Act.