Quick overview

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The American Senate voted to proceed with legislation regulating stablecoins. The procedural vote on Monday, which passed with a 66-32 majority, keeps one of President Donald Trump’s top legislative priorities on track for passage and demonstrates the cryptocurrency industry’s increasing political clout after investing heavily in the previous election and building a sizable war chest for the midterm elections next year.

Several Democrats changed their minds and voted in favor of the legislation following discussions with Republicans in recent days,

The outcome of the law governing the activities of stablecoin issuers in the United States had been unclear in recent weeks, despite early bipartisan support. Due to concerns about Trump and his family profiting from private cryptocurrency ventures, such as a recently established stablecoin, Senate Democrats blocked it earlier this month.

After tightening rules on foreign issuers, increasing enforcement, and prohibiting major tech firms like Meta and Google from issuing their stablecoins, Republicans gained the support of Democrats.

The Senate may vote on the bill’s final passage as early as this week, depending on the number of amendments proposed by Republicans and Democrats. Democrats remained divided. Senator Elizabeth Warren and others believe the bill requires more robust safeguards and could aid Trump in enriching himself.