The United States Senate voted to advance in Stablecoin’s legislation on Monday night, eliminating a procedural barrier to completely approve the body’s bill.
The senators easily cleared the threshold of 60 votes for the vote, which intends to move the legislation to an additional debate period before a series of final votes to approve it of the Senate. The House of Representatives is making its way through its own version of the legislation of Stablecoin, which is intended to create a regulatory framework for Stablcoins and its issuing in the United States
The Senate failed to reach the threshold of 60 votes to advance the bill during a vote on May 8, after Democratic legislators raised concerns about consumer protection and national security provisions. That vote had failed in a bipartisan way, after Republicans Josh Hawley and Rand Paul also voted against sewage.
Despite that previous setback, industry participants were waiting for an easy step on Monday after legislators spent a large part of the last week negotiating changes in language, although many of these changes seemed marginal.
An individual after the negotiations told Coindesk that “there is enough” in the most recent version of the bill to address some of the concerns of the Democrats on Monday, although the legislators who negotiate the language could have added stronger provisions of consumer protection.
After the last review, several Democratic legislators who previously voted against the sewage, including Senators Ruben Gallego and Mark Warner, announced that they would vote in favor of the sewage before the vote.
