The US Senate voted to move on with stableecoin legislation on Monday night and remove a procedural barrier to ultimately adopt the bill completely out of the body.
Senators easily cleared the 60-voting threshold for the vote, which is intended to just move the legislation to a period of further debate before a final voting series to pass it on by the Senate. The House of Representatives works through its own version of stableecoin legislation, which is intended to create a legislative framework for stableecoins and their issuers in the United States
The Senate did not previously reach the 60-voting threshold to promote the bill during a vote on May 8, after democratic lawmakers raised concerns about consumer protection and national security regulations. This vote was unsuccessful at Bipartisan after Republicans Josh Hawley and Rand Paul also voted against coagulation.
Despite the previous setback, the industrialists expected easy passage Monday after legislators spent much of the last week negotiating changes in languages, although many of these changes seemed marginal.
A person who followed the negotiations told Coindesk that “there is enough” in the latest version of the bill to tackle some of the Democrats’ concerns earlier on Monday, although the legislators are negotiating language negotiating more intense consumer protection provisions.
After the latest inspection, several democratic lawmakers who previously voted against coagulation, including senators Ruben Gallego and Mark Warner, announced that they would vote in favor of coagulation before the vote.
