Senate Clears Path for Historic Cryptocurrency Regulation

Legislation on stablecoins has advanced in the Senate thanks to a bipartisan vote. During the vote on Monday, 16 Democrats supported the bill as led by Senator Bill Hagerty, allowing it to pass with a 66-32 vote. With this decision, the crypto industry celebrates a significant win after many years of attempting to get it past. This was the second time such a vote was held, since a previous attempt just two weeks back did not gain enough votes.

Even though the bill passed with enough votes, it is still a contentious issue for Democrats. According to Senator Warren, the legislation created risks to financial balance, consumer rights and might help pave the way for corruption. While addressing concerns about the Trump family and cryptocurrency, Senator Mark Warner stated that blockchain technology will continue to develop.Somewhat unique in the vote was that both Rand Paul and Jerry Moran of the Republican Party decided to vote against their party’s position. Once House members approve the bill, senators will vote on it shortly after Memorial Day. It is only after the measures leave the two chambers that President Trump can reconcile them.