Senate’s New Stablecoin Draft Doesn’t Target Trump’s Crypto, Tweaks Big-Tech Approach
The latest draft of the U.S. Senate’s stablecoin legislation includes enough changes that Democratic senators may now have an easier time getting back on board, though consumer advocates say it still falls short.
The bill to set oversight and standards for stablecoin issuers sailed through the Senate Banking Committee with wide bipartisan support in March, but it hit a wall on the Senate floor last week as many Democrats raised objections. Chief among them were the conflicts that may be presented by President Donald Trump’s own crypto interests and the possibility that big technology firms like Meta and social-media site X may be able to issue such tokens.
“As the result of hard-fought negotiations, Democrats won major victories on a…
