The Senate crossed a procedural hurdle on a stablecoin bill Monday, mustering enough Democratic supporters to get to the 60-vote threshold needed to invoke cloture on a motion to proceed to the bill despite the opposition of the Senate Banking Committee’s ranking member.
The 66-32 vote drew support from 16 Democrats, including a handful from the Senate Banking Committee who supported the bill in committee, but who defected in a May 8 cloture vote on a motion to proceed. They said it lacked sufficient anti-money-laundering and consumer protections.
Three of those defectors were back on board Monday: Sens. Ruben Gallego, D-Ariz., the ranking member of the Senate Banking Digital Assets Subcommittee; along with Sens. Mark Warner, D-Va.; and Lisa Blunt Rochester, D-Del. Sen. Andy Kim, D-N.J., who supported the bill in committee, voted against the procedural move Monday.
