Senate Democratic defections from a bipartisan stablecoins bill could become a procedural hurdle as Republicans try to bring the measure to the floor, possibly as early as this week.
Four Democrats on the Senate Banking Committee who voted on March 13 to approve legislation that would facilitate issuance of stablecoins — digital currencies pegged to a reserve asset, in this case, the U.S. dollar — said over the weekend they wouldn’t vote for a revised bill released on May 1. They joined five other Democrats in a statement saying the revisions hadn’t gone far enough.
Sen. Bill Hagerty, R-Tenn., the lead sponsor of the bill, called the Democrats’ change of heart a political stunt.
