The US Senate Banking Committee submits the Stablecoin Bill with the support of the two parties; Full voting in the Senate after that
In light of President Trump’s encouragement to the encryption sector, the US Senate Banking Committee has successfully prompted a draft law regulating Stablecoins. This represents a big step towards making the legislation reach President Trump’s office for its signature. The draft law cleared the committee by voting 18-6, and benefited from the support of five Democrats in the Senate who joined the Republicans in strengthening the proposal.
Stablecoin’s draft law is heading towards Trump
The US Senate Banking Committee has advanced forward with the Stablecoin Bill in the Crossed Currency Industry, which represents a decisive step towards presidential approval. After obtaining the support of the opening committee, the draft law that aims to regulate the Stablecoin exporters in the listing Football Association to vote in the Senate, with a similar bill pending in the House of Representatives.
Despite many upcoming obstacles, such as reconciling the differences between the Senate’s publications and the copying of the House of Representatives, the committee succeeded in approving the draft law by voting 18-6.
Among the Democrats who support the approval of the genius law Angela Alsoprox and members of the Senate Banking Committee, Mark Warner, Andy Kim, Lisa Blanc Rothschest, and Robin Galigo. Bill Hajariti, sponsor of the bill, expressed his goal to submit the bill to a full Senate vote by the end of April.
Also read: Only in: Senator Hajari offers a genius law to regulate Stablecoins
At the Senate Banking Committee meeting on Thursday, Senator Elizabeth Warren, a known skeptical in the cryptocurrency, suggested several amendments to the genius law. This legislation aims to create a legal framework that allows Stablecoin Exporters other than banks to work within the American economy.
Senator Elizabeth Warren has suggested amendments to the genius law that would perceive Stablecoin in the blacklist if their distinctive symbols are used for illegal activities, such as transactions with state enemies, drug smuggling, or purchase of children’s pornography.
I also suggested expanding law regulations to include encryption exchange and other entities dealing with Stablecoins. However, its proposed amendments to the party lines have been rejected.
The Republican majority gives priority
Close to the end of the session, Elizabeth expressed strong reservations about the progress of the bill, while highlighting the many shortcomings and timing of its progress amid reports that Donald Trump was trying to launch his Stablecoin with a company known for legal violations. She referred to the news that World World Liberty Financial was negotiating with Binance Crypto Exchange.
Warren criticized the decision to pay the bill through him while alleged that Trump was making deals with what she described as a criminal platform, and warned that he would likely regret.
Hajari said, “It provides the rules of good sense that protects consumers, enhances competition, and enhances innovation. It is time to offer the clarity and stability that our country and its innovators need strongly.”
This year, the encryption industry mobilizes the support of the two parties in the Congress for its policies. The prominent success of the two parties included at the heart of the tax department that the sector opposes. After the 2024 elections gave the Republicans over the two rooms, Stablecoin legislation has become a major priority under the leadership of Scott.
