The Senate’s crypto bill, aimed at regulating stablecoins, faces significant challenges amid disagreements between Democrats and Republicans. Democratic senators expressed dissatisfaction with the revised proposal, arguing it inadequately addresses money laundering and broader financial system protection. Despite this, Republicans remain optimistic about securing Democratic support. The bill, championed by Senator Bill Hagerty (R-Tenn.), represents a pivotal moment for the crypto industry in Washington. It seeks to establish the first major crypto regulation in the Senate after years of lobbying. However, divisions within the Democratic party over crypto’s societal benefits versus its financial and national security risks complicate progress. Senate Minority Leader Chuck Schumer privately urged caution among Democrats regarding the bill’s support, emphasizing the need for further improvements, especially concerning foreign companies like Tether. Concerns were also raised about the Trump family’s involvement in crypto ventures. Senator Kirsten Gillibrand, a co-sponsor, highlighted negotiated changes to address these concerns. Despite these efforts, several Democratic senators maintain that the bill requires additional revisions before they can support it. The ongoing dialogue underscores the complexities of crafting bipartisan crypto legislation.
— new from Politico
