US Senate Moves Toward Vote on Crypto Regulation Bill
The US Senate moves closer to finalizing its first crypto regulatory bill, with stablecoin rules advancing in a 68–30 vote despite ongoing partisan tensions.
Led by Sen. Bill Hagerty (R-Tenn.), the revised legislation includes changes negotiated last month to gain enough Democratic support. He believes that it takes a common-sense, bipartisan approach to regulating stablecoins.
Sen. Elizabeth Warren (D-Mass.), the party’s leading voice on the Banking Committee, warned that the bill is full of loopholes and contains weak safeguards for consumers, national security, and financial stability.
Despite Warren’s objections, 18 Democrats joined Republicans to advance the measure, including Sens. Andy Kim (N.J.) and John Hickenlooper (Colo.), who had opposed the previous procedural motion. Sen. Lisa Blunt Rochester (D‑Del.) changed her vote to a “no,” although she earlier supported the advancement. Majority Leader John Thune (R‑S.D.) signaled he may withhold additional amendment votes, noting prolonged negotiations.
Additionally, a late push from Sen. Roger Marshall (R-Kan.) to include a controversial amendment targeting credit-card swipe fees has raised fears among bill supporters. The add-on could act as a “poison pill,” potentially undermining the fragile bipartisan coalition if attached during final negotiations.
If no new issues come up, the Senate could vote on final passage as early as today.
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