The , a bill to regulate stablecoins, received a full vote in the Senate on May 19 after the Senate voted 66-32 to proceed. The vote reflected strong disagreements among members of the Democratic Party. Sixteen Democratic senators broke ranks to support moving the bill forward despite earlier opposition.
Some Democrats had withheld support earlier in May due to concerns about President Donald Trump’s involvement in cryptocurrency activities. The legislation’s opponents argued that the bill failed to address alleged corruption linked to the Trump family’s crypto dealings. However, the final version did not include provisions related to the Trump family’s crypto venture, World Liberty Financial.
Senator Mark Warner, a moderate Democrat, supported the bill, emphasizing the need for regulatory progress despite its imperfections. He said blockchain technology is “here to stay” and that the US should avoid falling behind other countries in regulating stablecoins.
Senator Kirsten Gillibrand, a bill co-sponsor, agreed that concerns about Trump’s conduct should be handled separately from the broader goal of establishing a clear regulatory framework in the US. However, progressive Democrats such as Senator Elizabeth Warren opposed the bill, warning that it could undermine financial stability and consumer protection.
Senator Michael Bennet introduced an alternative bill to restrict elected officials from endorsing digital assets. Although unlikely to pass, the move highlights ongoing disagreements among Democrats on crypto regulation approaches.