U.S. Senate Banking Committee Votes on Bill Aimed at Regulating Stablecoin Issuers

The U.S. Senate Banking Committee has advanced a bill to regulate stablecoins in the crypto industry, an important first step in sending the bill to President Donald Trump to sign into law. With its first committee approval, the bill, which would regulate U.S. stablecoin issuers at the federal level, now needs to be passed by the Senate as a whole, with a similar version awaiting approval in the House of Representatives. While there are still many hurdles to overcome, including the eventual merging of different bills from the two chambers, the bill has already passed out of committee by a vote of 18 to six.