Pro-crypto Democrats pull support for stablecoin bill in last minute

Quick Summary:

They reportedly said they “are eager to continue working with our colleagues to address these issues.”Related: US banks are ‘free to begin supporting Bitcoin’Crypto needs a stablecoin billOn April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.

Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.

Related: Fed’s Powell reasserts support for stablecoin legislationSenate prepares to vote on stablecoin billThe Senate is expected to begin floor consideration of the bill in the coming days, with the first vote potentially taking place next week.

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Article Details

Author / Journalist: Cointelegraph by Amin Haqshanas

Category: Crypto

Markets: United States

Topics: Statement Democrats Stablecoin Senators Senate Stablecoins Senator Group Crypto Bill Nine

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-04 @ 09:16:03 (13 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 454 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28353246

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