The Senate didn’t muster enough votes to carry a stablecoin bill across a procedural hurdle Thursday, leaving in limbo a bill that only two months ago found bipartisan support in the Senate Banking Committee.
The 48-49 cloture vote on whether to proceed to the bill came after Democrats decided that bill sponsor Bill Hagerty, R-Tenn., didn’t go far enough to satisfy them in the revised bill he released on May 1.
Democrats also objected to the bill’s silence on President Donald Trump and his family’s involvement in several stablecoin issuances. Stablecoins are digital currencies pegged to a reserve asset such as the dollar.
