The leader of the republican majority of the Senate, John Thune, appealed to the floor of the camera on Thursday morning to present a case to advance with the legislation of Stablecoin, marking his first significant incursion on the subject of cryptography as the Republicans frustrated with maintaining what was once a bipartisan effort on the track.
“Stablecoins should be done in the US., But we cannot lead innovation if there is no clarity for innovators,” Thune said in his speech on the Senate’s floor, delivered in the period prior to a vote of the afternoon aimed at advancing in the debate on the guides and establishing national innovation for the act of the United States (genius) that would establish a regime of the United States to regulate the emitters of the United States state.
“The Americans are already using Stablecoins and will continue to use them with or without legislation,” Thune argued, saying that the bill will establish safeguards against money laundering and threats to national security, in addition to protecting consumers with reserve requirements.
“Genius law is not the last word about digital assets,” said South Dakota legislator, but characterized it as a “first step to bring digital assets to our financial system.”
Although many Democrats expressed their previous support for the legislation and helped take it out of the Senate Banking Committee with an 18-6 vote, they have launched strong objections to advance, focusing on the interests of cryptocurrency cryptocurrencies of President Donald Trump and the possible conflicts raised by those commercial ties. Senator Ruben Gallego has been at the forefront of this violent reaction, despite his narrow links with the industry, which supported his 2024 Senate campaign with $ 10 million in advertising paid by an affiliate from the Faireshake political action committee backed by Crypto
The Senate is voting for 1:45 pm on Thursday that the so -called sewage vote, which would open debate in the legislation, a round trip that could occupy days of time on the floor. But that next step would need several Democrats to approve the required margin of 60 votes. Together with Gallego, several of the Democrats who voted for the bill in the committee have said they would oppose the vote of the sewage.
Thune argued that the Democrats should allow the bill to move to that stage so that the changes they want can calm the weather.
Senate legislators and employees worked during the night in the early hours of Thursday that send more concerns of democratic members, leaving some doubts about how successful the vote will be in what is now the sixth version of this stable bill.
The House of Representatives has been working on a similar bill that would eventually need to be combined with it before it can become law, but the Senate has long been the bottleneck to advance in cryptography bills, and promises to be the most difficult place to clarify the efforts of the industry.
“We have the opportunity to move the ball today,” said Thune. “I encourage my colleagues to take it.”
Read more: Dems Stall Stablecoin Bill, endangering the most important cryptographic regulation bill
