Senate votes against the Stablecoin Bill’s advance, delayed the process as Trump Fester remembers
The US law that Promote stablecoin regulation Failed to take a big step closer to reality on Thursday as a rush of democratic resistance maintained the bill from moving to a debate stage, which would be the path to a vote at the end of the vote.
The crypto industry is closely watching the Senate, where the fate of the long -standing battle of the legislature is hanging on this year’s balance. The first of the two major digital assets bill – this one to organize Stablecoins like Tether’s USDC and USDT – runs on a road to Congress, despite the easy -to -win bipartisan approved at a previous Senate banking committee vote.
A technical but important Vote to advance the law In the days of the floor debate next week, 48-49 failed. Under Senate policies, 60 votes are required to advance the debate. Senators Josh Hawley and Rand Paul have destroyed their fellow Republicans to vote against the promotion of the law. Senate Majority Leader John Thune hit his vote at the end of the vote series in a moving procedure to restore the law to a future date.
Some Democrats who have previously spoken in favor of the effort against it in recent days, saying that the StableCoin regime has needed more care against non -prohibited behavior, especially the singing of President Donald Trump’s Crypto Business Business as a potential intensity of the interest that many of them are in terms of.
Senator Ruben Gallego, who received $ 10 million in backing from the Crypto industry’s political action committees during the 2024 election, was among them, and he said on the Senate floor before the vote, “I believe there is a path for us to really do this, get a good language, have a winner of the bipartisan for this country.
“The reason you hear a few doubt: the law of this scope and importance cannot be in a hurry, and we need time,” he said, adding that he did not seek to close the process. “We want to bring this economy and this innovative to the United States.”
Gallego asked the Republicans to stop the vote until Monday to give lawmakers time to “educate” the opponents of the bill in the legislative text – which was not finished as the vote began.
Senator Mark Warner, a Virginia Democrat, shouted that he Expected to still happen the debate As early as next week, it was noted that “Stablecoins could not deny a part of the future of finance,” but he argued that the “text is not finished” and that Americans need to provide more protections.
Republicans, including Majority Leader John ThuneThe Senate is encouraged to press forward with an open debate, where changes can be made.
“We should take the rocks and make sure that all Americans can oversee their financial future,” said Senator Cynthia Lummis, the Wyoming Republican leading a crypto subkomite in the Senate. He said before the vote that senators’ staff were “working for days recently – to bring this bill to the floor” and have already gained a lot of amendments from the Democrats.
“This is a Bipartisan bill and has had a bipartisan process from the beginning,” Thune said in comments after the vote in which he said Democrats refused to start the debate that the Senate was building. “Democrats are to be -accommodate every step of the way,” he added, noting that this is now the sixth version of the law.
“I just didn’t get it,” he said. The plan now is “bring this law again if and when Democrats are ready to be serious. Obviously now they are not.”
Senator Bill Hagerty, who introduced the bill earlier, went further, saying lawmakers who voted against the opening of the debate were actually voting to “kill the crypto industry here in America.”
Read more: The Senate Republicans making the plea to proceed with Stablecoin Debate
Update (May 8, 2025, 18:55 UTC): Adds comments from Majority Leader John Thune.
