US Senate Fails to Approve Stablecoin Bill
Legislation aimed at establishing a regulatory framework for US dollar-pegged stablecoins faced a setback on Thursday when it failed to pass a critical hurdle in the US Senate.
This marks a significant blow to the crypto industry, which has long advocated for new digital asset regulations. The sector invested over $119 million in support of pro-crypto congressional candidates in last year’s elections, presenting the issue as bipartisan.
Stablecoins, cryptocurrencies designed to maintain a stable value, typically pegged 1:1 with the dollar, are widely used by traders for seamless fund transfers between tokens.
Their rapid adoption has fueled interest, with proponents highlighting their potential for instant payments.
Stablecoin legislation, previously seen by analysts and lobbyists as likely to pass this year, encountered resistance from Democrats amidst growing frustration over President Donald Trump’s various crypto ventures.
