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Senate eyes vote on stablecoin bill despite Democratic revolt
- The Senate plans to hold a key vote on May 8, 2025, on the GENIUS Act, a bipartisan stablecoin regulatory bill facing significant Democratic opposition.
- Opposition arises amid concerns that President Trump and his family could personally benefit from a $2 billion UAE-backed stablecoin investment linked to Trump-backed World Liberty Financial.
- Nine Senate Democrats, led by Sen. Ruben Gallego, refuse to support the current bill version, citing unresolved issues including anti-money laundering, foreign issuer oversight, and national security provisions.
- Supporters argue the bill establishes clear market rules to foster innovation, investor protection, and U.S. Leadership in digital currency, with stablecoins potentially driving trillion-dollar demand for U.S. Treasuries.
- The bill’s fate remains uncertain as it needs 60 Senate votes to pass and Democratic defections risk delaying stablecoin and broader market structure legislation amid ongoing partisan tensions.
36 Articles
36 Articles
Senate expected to forge ahead with vote to advance crypto bill with bipartisan talks ongoing
The Republican-led Senate is moving forward with a vote Thursday on a bipartisan crypto regulation bill, but it’s unclear if enough Democrats will support it as negotiations between the two parties are ongoing.
Senate takes up crypto bill amid uncertainty
The NewsThe Senate is moving forward with a procedural vote on a key cryptocurrency bill Thursday afternoon, even as bipartisan negotiations over compromise legislation stretched late into Wednesday, a GOP aide said.Crypto-friendly Republican and Democratic lawmakers huddled for nearly six hours total Wednesday as they sought to reach a consensus on Democrat-sought changes to stablecoin legislation, including language targeted at preventing corr…
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