The Senate approves the bill on stablecoins, a victory for cryptocurrencies and Trump
The United States Senate passed the legislation on stablecoins with a vote of 68 to 30, establishing regulatory rules for cryptocurrencies linked to the dollar. The legislation requires that dollar-linked stablecoins maintain dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators. The approval of the bill is considered a victory for the cryptocurrency industry and for President Donald Trump, and industry supporters hope it will turn stablecoins into a widely used form of payment.