Senate is progressing legislation to regulate stablecoins, a form of cryptocurri

Washington (AP) – Senate voted to progress with legislation to regulate the form of cryptocurri called Stablecoins, two weeks after the Democrats blocked the measure.

66-32 Procedural Voting Monday maintains one of the main legislative priorities of President Donald Trump on the way to the passage and emphasizes Growing political force The cryptocurlency industry, which was performed and emissions great wartar breasts for secondary middle age. A few democrats turned over and voted to move forward with legislation after negotiations with Republicans in the last days.

The fate of legislation, which would regulate how the publishers of StableCoin operate in the United States, was uncertain in recent weeks despite early bipartisan support. Democrats Senate blocked this earlier this month in the scale of concern about how Trump and his family benefited from private CRIPTO efforts, including a new launched stableCoin.

Republicans won the support of Democrats after strengthening regulations on foreign issuers, strengthening execution and ban on large technological companies such as meta and google to issue their stablecoins. The Senate will now consider the bill and that he could vote on the final paragraph as soon as this week, depending on the number of amendments offered by Democrats and Republicans.

However, the Democrats were divided into legislation. Massachusetts Sen. Elizabeth Warren and others said Bill could help Abdomen It is enriched and stronger protection is required.

“Unfortunately, the final account does nothing – nothing – to present the corruption of President Krupto,” said Warren ahead of the passage was. She said that legislation “accelerated Trump corruption as opposed to the size of Stablecoin markets” and to take the “regulator of their own financial product”.

The negotiators added heavier ethics rules for members of congresses and executive, including preventing Congress members to issue stablecoins. But Warren and several other Democrats said it wasn’t enough. “This congress should be the president’s check,” Warren said.

The draft law would aim to create a federal framework for regulating stablecoin 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. Typically, this means that one stablecoin is worth $ 1, which makes them much more reliable digital active for commercial transactions from other shapes of crypto.

The transition to regulates the industry is bipartisan, but the trump participation complicated legislation in the crypt industry. 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 he is ready to attend dinner 22. Maja is open to 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.

A former skeptic facing zealous promoterTrump promised to serve in the golden age for the cryptocurnancy industry. His administration has already taken many early actions without congresses to increase cropto, including the establishment of strategic reservation Bitcoin and annulment of previous actions of execution. But Trump needs a Congress to bring some of their and major priorities of the deep pocket industry, including the adoption of the legislation of Stablecoin.

Democratic supporters of legislation claimed that Congress could not deviate only for the Trump’s involvement on the market.

“Steadyzoin Market has reached almost $ 250 billion, and now I can’t afford standing aside.” Virginia Sen said. Mark Warner, one of the leading democratic negotiators on legislation. “We need clear rules for the road to protect consumers, defend national security and support responsible innovations.”

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