Stablecoin Legislation Stalls in Senate as Democratic Senator Points to Clear Corruption in TRUMP Coin Activities

Democrats in the U.S. Senate blocked stablecoin legislation supported by the digital asset industry, while Trump's extensive and growing cryptocurrency portfolio caused a stir.

Supporters of the bill failed to reach the required 60 votes in Thursday's vote, with a tally of 49:48. Both sides may still reach an agreement in the coming weeks, as many Democrats argue that stablecoin regulation is crucial for consumer protection and providing guidelines for this emerging industry. Trump has recently been heavily promoting the TRUMP coin named after him, and after the token organizers launched a marketing campaign offering "a dinner with the president for the largest holders," token sales surged. Democratic Senator Warren and other lawmakers have called such measures blatantly corrupt.