#StripeStablecoinAccounts The Senate's stablecoin bill wobbles after the closure vote

The Senate did not gather enough votes to pass a stablecoin bill through a procedural hurdle on Thursday, leaving a bill that just two months ago found bipartisan support in the Senate Banking Committee in limbo.

The vote of 48 to 49 to close the debate on whether to proceed with the bill came after Democrats decided that the bill's sponsor, Bill Hagerty, Republican from Tennessee, did not do enough to satisfy them on the revised bill he released on May 1.

Democrats also opposed the bill's silence on President Donald Trump's and his family's involvement in various stablecoin issuances. Stablecoins are digital currencies linked to a reserve asset like the dollar.

Senate Majority Leader John Thune, Republican from the Republican Party, appeared to offer an olive branch on Wednesday by initiating the process to include an independent bill proposed by Jeff Merkley, Democrat from Oregon, on the full agenda.

Merkley's bill would prohibit the president, vice president, members of Congress, and individuals designated by the Senate from issuing, sponsoring, or endorsing certain financial instruments.

Thune also said on Thursday in the full chamber that he would be open to amendments to Hagerty's bill after the closure vote.

Once we are on the bill, we can debate the changes here on the floor. So far, we have had an open process on this bill, so why stop now?, he asked.