Arizona senator says he hopes to “achieve a final bill that protects consumers and ensures America remains a leader in digital asset innovation.”
The Senate garnered enough votes this week to move its stablecoin bill past the opposition of Senate Banking Committee ranking member Senator Elizabeth Warren with 16 members of the minority party voting alongside the majority to reach the 60-vote threshold.
Senator Warren had refused to send the bill from the committee to the Senate floor through the normal approval process, arguing that the terms of “the current bill” which regulates stablecoins but stops short of anti-money-laundering and consumer protections “is worse than no bill at all.” This vote moves the stablecoin bill to the Senate floor without the key committee member’s approval.
“After weeks of negotiations, we are headed in a direction that addresses many of the concerns my colleagues and I have raised both in committee and with our Republican colleagues,” Senator Ruben Gallego of Arizona, a supporter of the bill, stated before the vote. “With this vote, I look forward to continuing to work with my colleagues to achieve a final bill that protects consumers and ensures America remains a leader in digital asset innovation.”
As the Lord Leads, Pray with Us…
- For members of the Senate as they negotiate the final language of the cryptocurrency bill.
- For wisdom for Senate Majority Leader Thune and Minority Leader Schumer as they determine the upper chamber’s priorities.
Sources: Roll Call, Bloomberg
