After the controversy surrounding Trump's Cryptos Assets investment portfolio led to a legislative standstill, bipartisan lawmakers in the USA are stepping up efforts to revive a stablecoin bill supported by the Cryptos Industry.
According to Zhitong Finance APP, after the controversy surrounding Trump's Cryptos Assets investment portfolio led to a legislative standstill, bipartisan lawmakers in the USA are stepping up efforts to revive a stablecoin bill supported by the Cryptos Industry.
As a primary initiator of the bill, Tennessee Republican Senator Bill Hagerty disclosed in an interview on Capitol Hill that bipartisan staff members are continuously consulting on the legislative text. Given that the Senate is about to turn its attention to considering a Republican-led tax and spending package, he hopes Democrats can agree to pass the bill before the Memorial Day recess.
"Now is the crucial window period," he stated, "We will see if reason prevails."
It is understood that progressive Democrats, led by Elizabeth Warren and Jeff Merkley, advocate for banning Trump and other officials from profiting from Cryptos investments while in office, a proposal that has been firmly rejected by Republicans. Other Democrats, including Senate Democratic Leader Chuck Schumer, express dissatisfaction over the lack of a formal text for the compromise agreement reached through bipartisan negotiations.
Maryland Democratic Senator Angela Alsobrooks, as a primary initiator from the Democratic side of the bill, confirmed that senators are still actively advancing the legislative process. Previously, during the Banking Committee vote, Alsobrooks and four other Democrats cast their votes in favor, while more Democrats open to the Cryptos industry participated in negotiations before a procedural voting failure last week.
In the Senate, where 60 votes are needed to pass significant legislation, Democratic support is crucial.
Leaders in the Cryptos Industry, including Coinbase (COIN.US) CEO Brian Armstrong, are actively working to break the legislative deadlock. Professionals in the digital asset field invested heavily to support bipartisan candidates friendly to the Cryptos Industry during last year’s midterm elections, and this trend is expected to continue until the 2026 midterm elections.
