The latest draft of the US Senate StableCOin legislation includes enough changes that democratic senators can now have an easier time getting back on board, although consumers’ advocates say it still falls short.

The bill to set supervision and standards for stableecoin issuers sailed through the Senate’s banking committee with broad top species support in March, but it hit a wall on the Senate floor last week when many Democrats raised objections. Head among them were the conflicts that can be presented by President Donald Trump’s own crypto interests and the possibility that large technology companies such as Meta and Social Media Place X may be able to issue such tokens.

“As a result of hard -fought negotiations, Democrats won great victories on a number of critical issues,” noted advocates in a summary circulated with the draft bill. The remaining question is: Will it be enough to get back to a so -called coagulation reconciliation that will promote the bill for a floor debate that would mark its last main phase before the Senate takes a vote.

The next procedural step on the Senate floor could come next week, according to people who are familiar with the negotiations.

The latest changes in the bill represent a mixed bag. The highest requests from critics that the president is explicitly stopped from personally, which benefits from the crypto industry that his administration will regulate were not directly dealt with in this version of the bill.

But on the concerns of tech giants germinating with a field of new dollar-based tokens, the bill dealt with it partially:

“A public company that is not predominantly engaged in one or more financial activities, and its overall or majority-owned subsidiaries or affiliated companies may not issue a Payment StableCoin unless the public company receives a unanimous vote from StableCOin Certification Review Committee,” according to the latest draft. The committee would be a group of multiple agencies established under the legislation to look at such requests.

There are big loopholes in it, according to Mark Hays, focusing on crypto and economic technological issues for Americans for economic reform and demand. For starters, he said, it only affects public companies and not private, such as X and Tiktok.

“There is already a way in which large tech companies that are not public can become issuers without complying with these new standards,” he said. He also added, “it is very possible under this bill that a public company could secure an interest in a non-public business, and that is another way of being around it.”

He argued that this overall draft gave toothless answers to consumers’ advocates.

“Pushing this through at any time limit because the crypto industry breathes down your throat is not a good way to do politics,” Hays said. “And this is especially bad when this policy could further enable and enrich the president.”

Bo Hines, one of Trump’s chief advisers at Crypto, performed at Consensus 2025 in Toronto on Wednesday to insist that there is no conflict in the president’s business interests or his family’s commitment to the industry, including its share in the World Liberty Financial. He said Trump “can’t be purchased.”

The White Husses Hines, which acts as a connection to Capitol Hill during the regulatory negotiations, continued to express confidence that the effort remains on track in the Senate.

“Negotiations are underway,” Hines said by consensus. “But I remain steadfast in my optimism, which we will achieve – the president’s desire is to do so – both stablecoin laws and market structure legislation before recessing in August.”