Stablecoins in Limbo, Senate BLOCKS key law
Concerns over #TRUMP TRIGGERS POLITICAL WAR in crypto.
The United States Senate has voted against advancing the bill to regulate the #Stablecoins a significant setback for the crypto industry.
Last-minute objections from Democrats, driven by growing concerns over Donald Trump's ties to the crypto sector, have delayed the legislative process.
Democrats, who had initially shown support for the legislation, changed their stance due to concerns about possible conflicts of interest related to the crypto businesses of #DonaldTrump
📌 Concern over Conflict of Interest: Democrats argue that the regulation of stablecoins needs more safeguards against illicit behavior, citing Trump's business ties as a potential corruption issue.
📌 Previous Bipartisan Support: The bill had easily garnered bipartisan approval in a previous vote by the Senate Banking Committee.
📌 Delay in Regulation: The outcome of the vote significantly delays the regulation of stablecoins in the United States, creating uncertainty for the industry.
📌 Gallego's Vote Change: Senator Rubén Gallego, who received strong backing from the crypto industry in the 2024 elections, changed his position, arguing that the legislation needs more time and assurances.
