Senate prepares key vote on Trump-backed stablecoin bill
The post Senate prepares key vote on Trump-backed stablecoin bill appeared on BitcoinEthereumNews.com. Senate Majority Leader John Thune has scheduled a key procedural vote for Wednesday on stablecoin legislation backed by both the crypto industry and President Donald Trump. The vote, which needs backing from 60 senators, paves the way for the bipartisan legislation to be passed quickly in the coming days. This came after revisions last month that attracted the support of crypto-friendly Democratic senators like Angela Alsobrooks and Mark Warner. John Thune focuses on adding competition in credit card processing with the bill The stablecoin bill is crucial as it would create rules for dollar-pegged tokens used to make payments. It is worth noting that the stablecoins must be backed by reserves kept in short-term investments, such as those overseen by federal debt or state regulators. As the Senate gets ready to vote on a stablecoin bill with support from Trump, debates have been sparked concerning the bill. Progressive Democrats have voiced concerns that the bill lacks safeguards to prevent stablecoins from endangering the financial system or being exploited by criminals. They also argue it overlooks the issue of Donald Trump profiting from his own cryptocurrency ventures. However, Thune’s move to cut off debate on the bill virtually aims that the legislation will contain language pressed by retailers and their allies in the Senate to force competition into Visa Inc. and Mastercard Inc. in credit card processing. To support this claim, the proposal, backed by Republican Senator Roger Marshall and Democratic Senator Dick Durbin, would require major banks to let merchants choose from multiple credit card networks. This includes alternatives to Visa and Mastercard. The aim is to boost competition and reduce transaction fees for merchants. On the other hand, Senate Banking Chairman Tim Scott has indicated that his committee might look at the credit card rules as separate legislation instead…
The post Senate prepares key vote on Trump-backed stablecoin bill appeared on BitcoinEthereumNews.com.
Senate Majority Leader John Thune has scheduled a key procedural vote for Wednesday on stablecoin legislation backed by both the crypto industry and President Donald Trump. The vote, which needs backing from 60 senators, paves the way for the bipartisan legislation to be passed quickly in the coming days. This came after revisions last month that attracted the support of crypto-friendly Democratic senators like Angela Alsobrooks and Mark Warner. John Thune focuses on adding competition in credit card processing with the bill The stablecoin bill is crucial as it would create rules for dollar-pegged tokens used to make payments. It is worth noting that the stablecoins must be backed by reserves kept in short-term investments, such as those overseen by federal debt or state regulators. As the Senate gets ready to vote on a stablecoin bill with support from Trump, debates have been sparked concerning the bill. Progressive Democrats have voiced concerns that the bill lacks safeguards to prevent stablecoins from endangering the financial system or being exploited by criminals. They also argue it overlooks the issue of Donald Trump profiting from his own cryptocurrency ventures. However, Thune’s move to cut off debate on the bill virtually aims that the legislation will contain language pressed by retailers and their allies in the Senate to force competition into Visa Inc. and Mastercard Inc. in credit card processing. To support this claim, the proposal, backed by Republican Senator Roger Marshall and Democratic Senator Dick Durbin, would require major banks to let merchants choose from multiple credit card networks. This includes alternatives to Visa and Mastercard. The aim is to boost competition and reduce transaction fees for merchants. On the other hand, Senate Banking Chairman Tim Scott has indicated that his committee might look at the credit card rules as separate legislation instead…
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