Democrats block stablecoin bill as they raise concerns about Trump’s crypto ventures
WASHINGTON (AP) — Senate Democrats have blocked legislation to regulate stablecoins, a form of cryptocurrency, after arguing that the bill needed stronger protections and airing concerns that it could help President Donald Trump enrich himself.
The bill, which would regulate how stablecoin issuers operate in the U.S., had previously won some Democratic support. But it failed 49-48 on a procedural vote Thursday after Democrats said that they needed to see more changes to the legislation before they could back it.
Senate Majority Leader John Thune said that Republicans would work with Democrats if they allowed the bill to move forward, but they refused. All Democrats voted not to bring it up.
The vote is a blow to one of…
