After a suddenly rocky road for the American legislative effort to regulate the stablecoin issuers, the Senate is ready to move forward with a newly polished language in the bill which could see a procedural movement on Thursday.
The Senate stable push was disturbed a week ago when the Democrats opposed, mainly to the personal commercial interests of President Donald Trump, but the legislators continued negotiations and would be close to an agreement on the text updated to the law “by guiding and establishing national innovation for the United States.
The bill would establish a federal regulatory framework for cryptocurrencies set at the value of another asset, as USDT$1.00 And the circle USDC$0.99983And there is a similar fraying a path through the House of Representatives.
A previous version of the bill has died from the senatorial banking committee with bipartite support earlier this year, which gives the cryptographic sector the confidence it would probably respond to the Senate soil. However, the text has been updated and the Senate has not advanced the bill in its last step, a process known as the fence in which 60 senators must agree to move the legislation to an open debate.
Each Democrat and two Republicans voted against her (a third Republican, the head of the majority of the Senate, John Thune, initially supported the motion of the Clot, but overthrew his vote at the last minute of a procedural decision to maintain the legislation alive). This left the bill on legislative limbo, but people familiar with negotiations told Coindesk that he could soon be back on the right track. The next vote would probably be a procedural action to buy legislators for more time to negotiate details of the bill than a clot motion, said two of the people.
One of the central points of discord for the Democrats was the growing incursions of President Trump in the crypto, in particular after the investment company based in Abu Dhabi MGX announced that it would close its purchase of a participation in Global Exchange Binance using USD1, a stablecoin issued by World Liberty Financial, which in turn is linked to Trump and children.
However, the text of the bill, which has not yet been published publicly, includes few provisions on this potential conflict of interest. Senator Gillibrand, the New York Democrat who has been working on cryptography legislation for years, suggested on Wednesday during a stand with Crypto that the latest version is still not focused directly on Trump.
“This bill has ethics requirements which, I think, are really strong and very good, but it is not a bill of ethics in itself, and if we are dealing with all the ethical problems of President Trump, it would be a very long and detailed bill,” she said.
She said she was “very optimistic, we will have a vote early”.
During the same event, senator Cynthia Lummis, the republican president of a subcommittee of digital assets in the Senate and a frequent partner of Gillibrand on cryptographic regulations, argued against the legislators distracted by “the brilliant object which is in the area”.
“I do not want the name of President Trump to present himself with regard to this to distract us from the important objective of having a clear regulatory structure in the United States which can expire this industry which is used to provide a new market for US treasury bills that help the dollar to remain world currency,” said Lummis.
Bo Hines, Trump Executive Director for the Council of President’s Advisers on Digital Assets, said CoindSk 2025 consensus conference in Toronto on Wednesday that “negotiations were underway” when they were interviewed on a possible vote on Thursday. He said he thought that legislation will continue to move.
“We will see,” he said.
