Senate Stablecoin Bill Debate Continues Amid Trump’s Crypto Controversies
The U.S. Senate is debating a stablecoin regulation bill, with discussions extending into a second week. Key points include:
- Proponents aimed for swift approval to regulate dollar-based tokens central to digital asset trading.
- A faction of Democrats seeks to amend the legislation to prohibit the president and senior officials from engaging in stablecoin business, targeting conflicts of interest related to President Trump's family business.
- Democratic leaders argue that this amendment is necessary to combat perceived corruption within the administration.
- Some senators contend existing laws already address these concerns, while others advocate for clearer legal provisions.
- The bill passed a cloture vote with 66 supporters, indicating bipartisan backing.
- Further debate will occur before another cloture vote and final approval, after which the House may adapt or negotiate similar legislation.
Senator Murphy highlighted ongoing concerns regarding potential government official conflicts, while Eric Trump defended their crypto business as separate from political influence. The White House maintains that the presidency cannot be compromised.