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Senate Advances Stablecoin Regulation Bill
The U.S. Senate has made a significant breakthrough in the long-debated stablecoin regulation. In a vote held earlier this week, senators surpassed the 60-vote threshold required to advance the bill to a final vote. This development is seen as a critical turning point for the digital asset and cryptocurrency market.
In previous votes, the bill had failed to garner sufficient support. During the May 8 session, both Democratic and Republican senators criticized the bill, stalling the process. At the time, many senators voiced concerns about inadequate consumer protections and national security measures.
However, recent negotiations and amendments have shifted the landscape. Notably, Democratic Senators Ruben Gallego and Mark Warner announced their support for the revised bill. Gallego stated, “The previous version carried some risks, but the changes have largely addressed my concerns.” Warner expressed satisfaction with the increased focus on consumer rights.
Senator Ruben Gallego reiterated that the amendments significantly alleviated his concerns.
“With this vote, I look forward to continuing work on a final law that protects consumers and maintains America’s leadership in digital asset innovation,” he said.
A New Legal Framework for Stablecoins
The new regulation establishes clear rules for stablecoin issuers. Companies wishing to operate in the U.S. will be required to obtain a license, transparently declare their reserves, and be subject to audits. Additionally, the bill restricts large technology companies from issuing their own stablecoins, aiming to prevent private sector control over monetary policy.
Senator Kirsten Gillibrand highlighted the role of stablecoins in the global economy, stating:
“It is essential for the U.S. to pass legislation that protects consumers and promotes responsible innovation.”
The bill also aims to regulate foreign companies offering stablecoins to U.S. citizens, ensuring both domestic market stability and reducing risks such as money laundering. The Senate is expected to discuss the bill in greater detail in the coming days before sending it to the House of Representatives. If both chambers approve, the law will take effect.
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