Senate Democrats Block Stablecoin Bill Over Trump Conflict Concerns

Senate Democrats have blocked a Republican-backed bill to regulate stablecoins.

Though some Democrats had previously supported it, all voted against advancing the bill.

Those who opposed the bill cited the need for stronger consumer protections and concerns that the legislation could benefit President Donald Trump’s personal crypto interests, the Associated Press’ Mary Clare Jalonick and Alan Suderman reported.

The bill, aimed at establishing a federal framework for stablecoin regulation, failed in a 49–48 procedural vote.

Though some Democrats had previously supported it, all voted against advancing the bill, dealing a blow to one of Trump’s key legislative priorities.

Critics argued that the proposal lacked adequate safeguards and could entrench the cryptocurrency industry's political influence after it spent heavily in recent elections.