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Bullish
$TRUMP Trump's Memecoin in Senate Conflict and Blocks Cryptocurrency-Backed Stablecoin Bill.
In a bipartisan effort to regulate stablecoins in the U.S., the initiative derailed on Thursday after Senate Democrats blocked the legislation, citing concerns over President Donald Trump's expanding cryptocurrency businesses, including the memecoin (TRUMP) that offers top holders access to a dinner with him.
The measure, supported by the digital asset industry, received only 48 votes, fewer than the 60 needed to advance. Key Democrats refused to support it without including a clause that would prohibit presidents and high-ranking officials from profiting from cryptocurrency-related businesses.
Senate Majority Leader Chuck Schumer and others stated that the bill lacked a definitive agreement and needed stronger safeguards. However, Republicans dismissed the concerns, calling them political theater. Senator Tim Scott, Republican Chairman of the Senate Banking Committee, accused Democrats of suffering from "Trump disorder syndrome."
Two Republicans, Senators Josh Hawley and Rand Paul, also voted against it. Hawley is pushing for restrictions on tech giants like Amazon and Meta, warning that the issuance of stablecoins could grant them immense power.
Despite the failure of the vote, discussions could resume. Treasury Secretary Scott Bessent described the bill as a "once-in-a-generation opportunity" to enhance the financial influence of the United States.
In a bipartisan effort to regulate stablecoins in the U.S., the initiative derailed on Thursday after Senate Democrats blocked the legislation, citing concerns over President Donald Trump's expanding cryptocurrency businesses, including the memecoin (TRUMP) that offers top holders access to a dinner with him.
The measure, supported by the digital asset industry, received only 48 votes, fewer than the 60 needed to advance. Key Democrats refused to support it without including a clause that would prohibit presidents and high-ranking officials from profiting from cryptocurrency-related businesses.
Senate Majority Leader Chuck Schumer and others stated that the bill lacked a definitive agreement and needed stronger safeguards. However, Republicans dismissed the concerns, calling them political theater. Senator Tim Scott, Republican Chairman of the Senate Banking Committee, accused Democrats of suffering from "Trump disorder syndrome."
Two Republicans, Senators Josh Hawley and Rand Paul, also voted against it. Hawley is pushing for restrictions on tech giants like Amazon and Meta, warning that the issuance of stablecoins could grant them immense power.
Despite the failure of the vote, discussions could resume. Treasury Secretary Scott Bessent described the bill as a "once-in-a-generation opportunity" to enhance the financial influence of the United States.
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