Senators expect to vote again tonight on advancing legislation to create rules for stablecoins — a type of cryptocurrency pegged to assets like the dollar — after a previous attempt imploded, a person familiar with the plans said.
Senate Minority Leader Chuck Schumer held a caucus-wide call Sunday to discuss unreleased text, another person said, that includes Democrat-sought changes. But those tweaks weren’t enough to win over progressives like Sen. Elizabeth Warren, D-Mass., who circulated a memo on how the latest version “fuel[s] Trump’s crypto corruption” by not targeting affiliated digital assets.
Another critique: that tech companies could issue stablecoins in “a huge new gateway into financial services,” Americans for Financial Reform’s Mark Hays said.
Talks over potential additional amendments are ongoing, a third person said, as crypto advocates urge lawmakers to “ignore these unconstructive luddites.” Banks are meanwhile quietly raising their own concerns, which include issuers’ ability to pay interest.
