Sheraz azeemi
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Senate Advances Stablecoin Bill,
The U.S. Senate has voted to advance a key stablecoin bill, overcoming a procedural hurdle that had stalled progress earlier this month.
This marks the second attempt to move the legislation forward, after an initial vote on May 8 failed to secure the required 60 votes. That earlier effort fell short amid bipartisan concerns, with Democrats citing issues around consumer protection and national security, and Republicans like Senators Josh Hawley and Rand Paul also voting against cloture.
On Monday night, however, senators easily surpassed the 60-vote threshold, allowing the bill to enter a phase of further debate before an eventual final vote. Meanwhile, the House is continuing work on its own version of the bill, which aims to establish a clear regulatory framework for stablecoins and their issuers in the U.S.
Industry insiders anticipated Monday’s outcome after lawmakers spent the past week tweaking the bill’s language—though most changes were seen as minor. One source told CoinDesk that the revised bill addresses enough of the earlier Democratic concerns to gain broader support, even if some felt stronger consumer protections could still be added.
#GENIUSAct
#BinanceAlpha$1.7MReward
$BTC
$ETH
$XRP
This marks the second attempt to move the legislation forward, after an initial vote on May 8 failed to secure the required 60 votes. That earlier effort fell short amid bipartisan concerns, with Democrats citing issues around consumer protection and national security, and Republicans like Senators Josh Hawley and Rand Paul also voting against cloture.
On Monday night, however, senators easily surpassed the 60-vote threshold, allowing the bill to enter a phase of further debate before an eventual final vote. Meanwhile, the House is continuing work on its own version of the bill, which aims to establish a clear regulatory framework for stablecoins and their issuers in the U.S.
Industry insiders anticipated Monday’s outcome after lawmakers spent the past week tweaking the bill’s language—though most changes were seen as minor. One source told CoinDesk that the revised bill addresses enough of the earlier Democratic concerns to gain broader support, even if some felt stronger consumer protections could still be added.
#GENIUSAct
#BinanceAlpha$1.7MReward
$BTC
$ETH
$XRP
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