Senate to Vote on Trump-Backed Stablecoin Regulation Bill on the 11th

According to Bloomberg, on the 10th, Senate Majority Whip John Thune announced that a crucial procedural vote on the stablecoin regulation bill, supported by the cryptocurrency industry and former President Trump, will take place on Wednesday (U.S. time, 11th). The vote requires the support of 60 senators, and recent amendments have garnered the backing of Democratic cryptocurrency advocates such as Representatives Angela Alsobrooks and Mark Warner. The bill sets a regulatory framework for dollar-linked payment cryptocurrencies, mandating that stablecoins be backed by a 1:1 reserve of short-term investments such as federal debt. The operations would be under the supervision of federal or state regulatory authorities, ensuring progressive...