The American Senate voted to move forward on the legislation on the stablescoin on Monday evening, removing a procedural barrier to finally pass the bill entirely on the body.
The senators easily crossed the threshold of 60 voting for the vote, which aims to move the legislation to an additional debate period before a series of final votes to get it out of the Senate. The House of Representatives is making a path through its own version of Stablecoin’s legislation, which aims to create a regulatory framework for stablecoins and their issuers in the United States
The Senate had previously not reached the threshold of 60 votes to advance the bill during a vote on May 8, after the Democratic legislators raised concerns about consumer protection and the provisions of national security. This vote had failed on a bipartite basis, after the Republicans Josh Hawley and Rand Paul also voted against Cloture.
Despite this previous setback, industry participants expected an easy passage on Monday after the legislators spent much of last week to negotiate language changes, although many of these changes seemed marginal.
A person who followed the negotiations told Coindesk that there was “enough” in the latest version of the bill to respond to certain concerns of Democrats earlier on Monday, although the legislators who negotiate the language could have added more strong provisions for consumer protection.
After the latter overhaul, several Democratic legislators who previously voted against Cloture, including Senators Ruben Gallego and Mark Warner, announced that they would vote in favor of fence before the vote.
