Key legislation to advance cryptocurrency blocked by Dems on the Senate floor

A bipartite To advance and regulate the stablecoins, was shot the speech of the Senate on Friday after the Democrats who previously voted in favor of the legislation changed course.

Sources close to the GOP party leadership say that the senators Elizabeth WarrenD-Massachusetts, and the leader of the minority Chuck Schumer, D-New York, rallied the party against the guide and the establishment of national innovation for American stables (engineering) before a vote to take the Senate soil bill.

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“The Democrats put a supporter above policy and obstruction above innovation when they blocked a vote on the law on genius-bipartite legislation that they have helped to write-which would help to guarantee that innovation occurs here in the United States, Senator Tim Scott, R-South Carolina, in Fox News Digital on Saturday.” It was not the substance of the bill; It was a question of appeasing the most radical elements of their party who want to punish President Trump and stop his program at all costs, but it is the American people who will pay the price. “”

Senator Tim Scott, one of the original co-sponsors of the bill, told Fox News Digital in March He expected that the legislation on stable places was promulgated “by August”.

Despite the backhand, Scott told Fox that “Republican colleagues and I have not finished fighting – we will continue to work on digital asset legislation to help the United States in the world capital of cryptography”.

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Friday, in the dramatic taking place on the floor of the Senate, Senator Ruben Gallego, D-Arizona, who voted in favor of the Act respecting the engineering in committee, moved to the bill on Monday, but Warren could be heard to oppose the motion, according to sources that monitored the soil.

“Although this bill is not perfect, we have made many improvements thanks to our work as a bipartite committee – including better protections for clients in the event of bankruptcy, to fight against national security risks and to strengthen railing to preserve financial stability – and I think it is a step in the right direction,” explained Gallego in the Senate.

Representative Ruben Gallego, D-Ariz., Descend the steps of the room after the last votes of the week in the American Capitol on Thursday, September 14, 2023. (Bill Clark / CQ-Roll Call, included via Getty Images / Getty Images)

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The intention of the bill is to allow a stable To follow the US dollar in order to reduce volatility on cryptographic markets and give valid to around 3.1 billions of dollars. Cryptographic space has become largely unregulated, despite China with their digital yuan in 2022.

The head of the majority in the Senate, John Thune, also addressed democratic change in a speech before the vote, saying that it “makes you ask if it is the bill – or if it is simply obstructing democrats because they want to deny the Republicans, or President Trump, a bipartite victory”.

One of the main reasons why the Democrats have decided against the bill is a stablecoin which Links with President Trump. The DEMS argue that the president would personally benefit from the progress of the legislation.

The American senator John Thune (R-SD) speaks after being elected majority leader in the Senate for the 119th congress following elections in the Republican Senate at the American Capitol on November 13, 2024 in Washington, DC. The Republicans of the Senate elected senator (Images Kevin Dietsch / Getty)

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“Now, since Democrats continue to move objective positions, it is difficult not to suspect that this is the case,” added Thune. “And I must say, Mr. President, that it is deeply disappointing.”