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In the middle of the latest guerrilla clash of Washington, the Bipartisan duo of the Senate revived long -standing Stablecoin Bill This week he tried to force the vote of the floor before the niche of Memorial Day, before the efforts of President Trump’s cryptomical behavior could derail.
The US Senate could not proceed on Thursday by the brilliant law in the vote of 48-49 nails, which caused disappointment from the crypt community.#Of the Senate #Geniusacthttps://t.co/9spv9zbpy8
– Cryptonews.com (@cryptonews) 8 May 2025
The renewed effort is led by Republican Senator Bill Hagery of Tennessee and democratic senator Angela Alsobrooks of Maryland.
The progress of the law follows weeks of political tension. Progressive Democrats raised concerns about Trump’s cryptovnice, including several blockchain -based businesses running since its restoration of the Office.
Stablecoin control framework within Bipartisan buckle
According to the Bloomberg report, Hagerta confirmed that the Senate employees on both sides continued discussions on the final language of Bill.
He expressed optimism that the Democrats support a procedural vote this month and note that the Senate legislative calendar will soon turn to the Republican tax and expenditure agenda.
Account, named Genius ActHe would define the permissible issuers, impose strict reserve requirements and federal regulators to be responsible for supervision.
Although the proposal has not been publicly published, efforts are followed by proposals that are spreading during previous congress sessions.
Legislators who participate in current negotiations have stated that the framework would require that stablecoin issuers to hold full cash reserves or short -term state securities, with the reservation of regular audits and reporting compliance.
The legislation version was before proceeded through the Banking Committee of the SenateGetting support from Republicans and moderate democrats. Alsobrooks, the main co -author of democratic sponsors, repeated that Bipartisan’s work was still ongoing and that the interviews continued despite the unsuccessful procedure vote last week.
Democratic voices are needed to promote the law because the Senate rules generally require 60 votes to continue the final passage.
Trump’s crypt’s ties evoke political tension and drive guerrillas in Washington
The growing involvement of President Donald Trump in the crypt industry intensifies political tensions because the Democrats strive for new restrictions and the Republicans are pushing back.
World Liberty Financial, Trump Family Crypto Venture recently supported and Investing in more billions of dollars The company based in Abu Dhabi is the center of controversy. This announcement triggered immediate resistance from the Senate Democrats.
Senators Elizabeth Warren and Jeff Merley demand an urgent ethical probe into a trump-cited stablecoin agreement including SAE, binance and $ 2 billion in the crypt.#Trump #UsseNenehttps://t.co/mpfeed54eu
– Cryptonews.com (@cryptonews) 6 May 2025
Senators Elizabeth Warren and Jeff Merley have introduced legislation that will prevent current and former public officials to benefit from or after their office during their office.
They claim that Trump’s activities raise serious ethical concerns, while Warren and Merley warn against “stunning” opportunities for a hinge, including foreign entities and crypto of companies such as binance.
– Cryptonews.com (@cryptonews) 14 March 2025
The debate created friction in the congress. Bipartisan group of crypto-demented senators, including Tim Scott (RS.C.), Cynthia Lummis (R-Wyo.), Kirsten Gillibrand (Dn.y) and Mark Warner (D-Va.), Organized negotiations on closed doors this week.
Senator GOP Bill Hagerty conducted interviews with Democrats who previously supported cryptal legislation, but later turned to fear of money laundering, national security and supervision of foreign issuers.
The shift in democratic support monitors the growing control of Trump’s crypto and proposes a wider pressure on the stricter railings on the use of digital assets by public officials.
Senator Chris Murphy (D-Conn.) And Rep. Sam Liccardo (D-Calif.) Also work on a separate Bill to limit the activity of coins of meme associated with elected officials.
Contribution Stablecoin Bill gets steam on Capitol hill in the middle He appeared for the first time Cryptonews.
