Stablecoin legislation encounters obstacles in the Senate, with Democratic lawmakers pointing out obvious corruption in TRUMP coin activities

2025-05-09 08:08:51

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ChainCatcher News, Senate Democrats blocked stablecoin legislation supported by the digital asset industry, and Trump's extensive and growing cryptocurrency portfolio has caused a stir.

The bill's supporters failed to reach the required 60 votes in Thursday's vote, with a tally of 49 to 48. There is still a possibility for both sides to reach an agreement in the coming weeks, as many Democrats argue that stablecoin regulation is crucial for protecting consumers and providing guidelines for this emerging industry. Trump has recently been heavily promoting the TRUMP coin named after him, and after the token's organizers launched a marketing campaign stating "the largest holders can dine with the president," token sales surged. Democratic Senator Warren and others have claimed that such measures exhibit clear corruption.

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U.S. Cryptocurrency Legislation and Policy Trends

The U.S. Congress is reviewing several bills related to cryptocurrency, aimed at clarifying the legal status and regulatory framework of cryptocurrencies. Meanwhile, regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are also actively issuing guidance and regulatory measures to ensure the transparency and legality of the cryptocurrency market. This topic will track these developments.

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