Bloomberg: Bipartisan Alliance on Stablecoin Bill Cracks, Democratic Party Threatens Delay Through Prolonged Debate
According to Bloomberg, the bipartisan alliance supporting the stablecoin regulation bill in the US Senate has begun to show cracks. The reason stems from a group of key Democratic senators declaring they will use prolonged debate procedures to prevent the bill's passage if the text is not modified "multiple times" according to their requirements. This development threatens to delay the Republican Party's hope of passing the law this month.
The opposition is led by Ruben Gallego — a new senator from Arizona who is crypto-friendly. Previously, Gallego had expressed support for the stablecoin regulation bill in the Senate Banking Committee. This bill aims to establish a legal framework for crypto assets pegged to the USD, with the goal of bringing more transparency, stability, and safety to the US stablecoin market.
However, over the past weekend, Gallego and eight other Democratic senators simultaneously voiced opposition to the latest draft of the bill. In a joint statement, the group warned they would block the bill from being voted on if important contents are not edited to meet their specified criteria.
The cracking of the bipartisan alliance raises concerns about the future of the legal framework for stablecoins in the US, especially in a context where increasingly more major crypto projects are pushing for clear legalization and regulation. The Republican Party had hoped to pass the bill this month as part of their effort to promote the blockchain industry, but the strong reaction from the Democratic Party indicates that the legislative path ahead will face many challenges.
