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Significant Victory for the Crypto World, U.S. Senate Passes Trump-Supported Stablecoin Bill
On June 17, the U.S. Senate passed the stablecoin bill supported by President Trump, establishing regulatory rules for cryptocurrencies pegged to the U.S. dollar, marking a significant victory for the crypto world.
The voting results on Tuesday evening showed 68 votes in favor and 30 against, signifying a rare bipartisan effort in a highly divided Senate. Democrats sought to prohibit Trump from profiting from his numerous crypto projects during his term, but were successfully blocked by Republicans. The market value of stablecoins associated with Trump has reached $2 billion.
This stablecoin legislation is one of the most effective returns for the crypto world in pushing for a favorable regulatory environment. Previously, the industry had invested hundreds of millions of dollars to support pro-crypto members of Congress. In the last election cycle, crypto giants formed the most well-funded corporate political action committee in U.S. history, and they have similar plans for the 2026 midterm elections.
Stablecoins pegged to the U.S. dollar must hold reserves equal to the amount issued, and these dollar asset reserves can be short-term government bonds or similar products regulated by state or federal agencies.
Crypto supporters hope this bill will make stablecoins a mainstream payment method. Some retailers also support the bill, believing that stablecoins handle transactions more cheaply and quickly than traditional banking payment methods (such as credit cards and checks).
On June 17, the U.S. Senate passed the stablecoin bill supported by President Trump, establishing regulatory rules for cryptocurrencies pegged to the U.S. dollar, marking a significant victory for the crypto world.
The voting results on Tuesday evening showed 68 votes in favor and 30 against, signifying a rare bipartisan effort in a highly divided Senate. Democrats sought to prohibit Trump from profiting from his numerous crypto projects during his term, but were successfully blocked by Republicans. The market value of stablecoins associated with Trump has reached $2 billion.
This stablecoin legislation is one of the most effective returns for the crypto world in pushing for a favorable regulatory environment. Previously, the industry had invested hundreds of millions of dollars to support pro-crypto members of Congress. In the last election cycle, crypto giants formed the most well-funded corporate political action committee in U.S. history, and they have similar plans for the 2026 midterm elections.
Stablecoins pegged to the U.S. dollar must hold reserves equal to the amount issued, and these dollar asset reserves can be short-term government bonds or similar products regulated by state or federal agencies.
Crypto supporters hope this bill will make stablecoins a mainstream payment method. Some retailers also support the bill, believing that stablecoins handle transactions more cheaply and quickly than traditional banking payment methods (such as credit cards and checks).
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