Tag: approving

The historic legislation aimed at establishing a regulatory framework for Stablecoins in the United States took an important step forward in the Senate on Monday night, when legislators voted to overcome a critical procedural obstacle, preparing the scenario for greater debate and an eventual final vote on the approval of the bill.

In a decisive movement, the senators comfortably exceeded the threshold of 60 votes required to advance in the Stablecoins bill, indicating a renewed impulse for the long -awaited legislation.

This procedure vote does not convert the project into law, but formally transferred it to a period of prolonged debate before a final voting series determines its destination in the upper house.

At the same time, the House of Representatives is advancing with its own version of the legislation on Stablecoins, and both cameras intend to create exhaustive norms for these digital assets and their issues within the US financial system.

Monday’s successful vote marks a notable change with respect to an earlier attempt on May 8, when the Senate failed to gather the 60 votes necessary to advance the bill.

That previous setback was attributed to the concerns raised by some Democratic legislators regarding the provisions related to consumer protection and national security.

Interestingly, that initial vote saw bipartisan opposition, with Republican senators Josh Hawley and Rand Paul also voting against the closure, the procedure motion to put an end to the debate and move on to a vote.

Negotiations and avenencia: address concerns

Despite the previous legislative setback, the observers and participants of the industry had anticipated a smoother approval on Monday.

This optimism was derived from the intense negotiations undertaken by legislators during the past week, which focused on refining the language of the bill to address the concerns that led to their initial stagnation.

While many of the reported changes seemed to be marginal, they were obviously enough to influence key votes.

A person who closely followed the negotiation process told Coindesk on Monday that the latest version of the bill contained “sufficient” to relieve some of the previous concerns of the Democrats.

However, this source also suggested that negotiating legislators could have incorporated more solid consumer protection measures.

Efforts to find common land were fruitful. After the latest reviews, several Democratic legislators who had previously voted against advancing in the bill, including outstanding Senators Rubén Gallego and Mark Warner, announced their intention to vote in favor of the closure before the crucial vote on Monday night, indicating a critical change in support.

This development underlines the delicate bipartisan maneuvers required to navigate the complex financial regulation through the Senate.