The U.S. Senate Banking Committee has advanced the crypto industry’s stablecoin regulation bill, a first major step toward getting the effort to President Donald Trump’s desk to be signed into law.
With its first committee approval, the bill that would regulate U.S. stablecoin issuers at the federal level now needs passage by the overall Senate, and a similar version also awaits approval in the House of Representatives. While a number of hurdles remain, including an eventual melding of the different bills from each chamber, the committee advanced the bill with a 18-6 vote.
Many Democrats on the committee acknowledged the need for the bill while also seeking to add a number of amendments to add additional regulatory controls and limits, each of which was shot down with partisan votes.
Senator Elizabeth Warren, the panel’s ranking Democrat, led her colleagues’ objections against certain provisions of the bill, which she said marks “a…
