The latest project of the stable legislation of the American Senate includes enough changes for Democratic senators to now be able to get back on board, although consumer defenders say that it is still below.
The bill to establish surveillance and standards for stablecoin issuers sailed in the senatorial banking committee with large bipartisan support in March, but he hit a wall on the Senate soil last week, as many Democrats raised objections. The main conflicts that could be presented by the own cryptographic interests of President Donald Trump and the possibility that large technological companies like Meta and Social-Media Site X can issue such tokens.
“Following hardly disputed negotiations, the Democrats won major victories on a series of critical questions,” noted supporters in a summary disseminated with the bill. The remaining question is as follows: it will be enough to return to a so-called Voting of Clot which will pass the bill to a debate on the floor which will mark its last main step before the Senate votes.
The next procedural move on the Senate could occur next week, according to people familiar with talks.
The latest modifications to the invoice represent a mixed bag. The noisiest requests for criticism, whether the president is explicitly prevented from personally benefiting from the cryptographic industry that his administration will regulate, were not directly addressed in this version of the bill.
But on concerns about technology giants, germination with an area of new tokens based on a dollar, the bill in part treated it:
“A public company which is not mainly engaged in one or more financial activities, and its entirely detained or majority subsidiaries or affiliates, cannot issue a stable payment unless the public company obtains a unanimous vote of the examination committee for the certification of stablescoin”, according to the latest project. The committee would be a multi-agencies group created under legislation to examine these requests.
According to Mark Hays, major gaps presents, which focuses on crypto and financial technology problems for Americans for financial reform and demand for demand. To start, he said, it only affects public and non-private companies, such as X and Tiktok.
“There is already a means that large technological companies that are not public can become issuers without adhering to these new standards,” he said. He also added: “It is quite possible from this bill that a public company could guarantee an interest in a non -public company, and it is another way of bypassing”.
He argued that this global project had given to the concerns of consumer defenders’ concerns.
“Putting this in an arbitrary deadline because the cryptography industry breathes in your neck is not a good way to do policies,” said Hays. “And it is particularly bad when this policy could still allow and enrich the president.”
Bo Hines, one of Trump’s main advisers on the crypto, appeared on Wednesday at the 2025 consensus in Toronto to insist on the fact that there is no conflict in the president’s commercial interests or the involvement of his family in the industry, including his participation in World Liberty Financial. He said Trump “can’t be bought”.
The Hines of the White House, which acts as an affair with Capitol Hill during the legislative negotiations, expressed continuous confidence in the effort to stay on the right track in the Senate.
“Negotiations are underway,” said Hines during the consensus. “But I remain firm in my optimism that we are going to achieve – the desire of the president is to do so – both the stablecoin legislation and the legislation on the structure of the market before the recess of August.”
