The last draft of the Stablecoin legislation of the US Senate. Includes enough changes so that Democratic senators may be easier to be in mind, although consumer defenders say that it still falls short.
The bill for supervision and standards for Stablecoin issuers sailed through the Senate Banking Committee with broad bipartisan support in March, but reached a wall on the Senate’s floor last week, since many Democrats raised objections. The main one was the conflicts that can be presented by the cryptographic interests of President Donald Trump and the possibility that large technology companies such as the goal and social media site X can issue such tokens.
“As a result of very close negotiations, the Democrats obtained important victories in a variety of critical issues,” said defenders in a summary circulated with the bill. The remaining question is: Is it enough to return to a so -called sewage vote that will advance the bill to a debate on the floor that would mark its final main stage before the Senate votes.
The next procedure movement on the Senate floor could arrive next week, according to people familiar with conversations.
The latest changes in the bill represent a mixed bag. The strongest requests of critics, that the president is explicitly prevented from personally benefiting from the cryptographic industry that his administration will regulate, were not directly addressed in this version of the bill.
But in concerns about technological giants that sprout with a field of new dollar -based tokens, the bill treated it in part:
“A public company that does not participate predominantly in one or more financial activities, and its subsidiaries or affiliates of total or majority property, cannot issue a payment payment unless the public company obtains a unanimous vote of the Review Committee of the Stablecoin establishment certification,” according to the last draft. The committee would be a group of multiple agencies created under legislation to analyze such applications.
There are great lagoons in that, according to Mark Hays, who focuses on cryptographic and financial technology for Americans for financial reform and demand progress. To begin with, he said, it only affects public companies and not private, such as X and Tiktok.
“There is already a way in which large technological companies that are not public could become emitters without complying with these new standards,” he said. In addition, he added: “It is very possible under this bill that a public company can ensure an interest in a non -public company, and that is another way to avoid it.”
He argued that this general draft gave answers without teeth to the concern of consumer defenders.
“Pushing this in an arbitrary deadline because the cryptographic industry is breathing around the neck is not a good way to make a policy,” said Hays. “And it is especially bad when that policy could enable and enrich the president.”
Bo Hins, one of Trump’s main advisors in Crypto, appeared in consensus 2025 in Toronto on Wednesday to insist that there is no conflict in the president’s commercial interests or the participation of his family in the industry, including his participation in World Liberty Financial. He said Trump “can’t buy.”
HIES of the White House, which acts as a link with Capitol Hill during legislative negotiations, expressed continuous confidence about the effort that is maintained in the Senate.
“The negotiations are ongoing,” Hines told consensus. “But I remain firm in my optimism that we are going to achieve, the president’s desire is to do so, both legislation on the market structure and market structure legislation.”
