Senate Democrats are pumping the brakes on legislation that would create rules for stablecoins, a type of cryptocurrency pegged to assets like the US dollar, ahead of a key vote expected as soon as Thursday.
Following reporting that an Emirati fund would strike a deal with the Trump family’s crypto firm, Senate Majority Leader Chuck Schumer urged colleagues in a regularly scheduled meeting Thursday against putting their weight behind the bill until changes were made, people familiar with the meeting told Semafor.
Sen. Kirsten Gillibrand, D-N.Y., defended the legislation, while Sen. Elizabeth Warren, D-Mass., spoke against it. Four Democrats who had supported the bill in committee subsequently said Saturday that they would be “unable to vote” for it again without “stronger provisions” related to money laundering, foreign issuers, and more.
“We won’t let them jam us,” Sen. Ruben Gallego, D-Ariz., said Sunday.