The Senate passed legislation Tuesday, 68-30, that would establish regulations for stablecoins, concluding weeks of work on the bill and marking a significant step in cryptocurrency policy.
Democrats were divided on the bill, with 18 voting in favor of it but a large faction remaining steadfast in opposition due to concerns over what they called weak protections for consumers, national security and financial stability.
Supporters said the bill would bring regulatory clarity to the stablecoin market, catalyze a key advance in the payment system and strengthen the dollar’s position as the global reserve currency.
