Democrats block the account stablecoin because they raise concern about the Trump cryptological endeavors

Washington (AP) – Democrats of Senate blocked legislation to regulate stablecoins, a form of cryptocurrian, after claiming that Bill needs stronger protection and brewing concerns in order to help president Donald Trump Enrich yourself.

Account, which would regulate how StableCoin publishers He works in the US, he previously won some democratic support. But it didn’t work 49-48 on the procedural voting on Thursday after democrats said they were supposed to see more of the legislation before they could return it.

Most of the Senate’s leader John Thuneud said Republicans would cooperate with democrats if they allowed them to move forward, but they refused. All Democrats voted not to fail.

Voting is a blow to one of the highest legislative priorities of Trump and the rear cryptocurnancy industry, which has wasted greatly in last year’s choice and is poured for cement Its impact in policy and financial system in the main system. Legislation would be aimed to create a federal framework for regulating the Stablekoin industry, which is currently managed by the patchworm of existing federal and state laws.

StableCoins are a fast growing corner of the cryptocurrency industry that produced huge earnings for some of the main players involved. They offer buffers with infamous unstable volatility criptocurrencies, because they are connected to real property, such as American dollars or gold. It usually means that one stablecoin is worth $ 1, making them much more reliable digital means to make commercial transactions from other forms of crypt.

While some democrats agreed that regulation is needed, and several votes for the relocation of the Board of the Committee, the Trump survey in the cryptou industry complicated the path of legislation. Trump has launched a meme coin Earlier this year, which created more than $ 320 million fees for their creators, according to the Chackcain analysis of the company. And before this week, Trump promoted The dinner set up to attend 22. May, it was open for almost anyone who buys enough coins.

Another trump-family connected crypto venture called financial liberal financial free announced that it has issued its own own stablecoincalled USD1. Stablecoin got a huge incentive when the Fund Fund announced that the investment fund in the United Arab Emirates will use $ 2 billion in the binance, the largest world exchange of cryptocurrency in the world.

Among other proposed changes, democrats said that elected officials and their families should be banned from ownership, control or promoting business enterprises in Stablecoin.