The House on Thursday sent the Senate’s stablecoin bill to President Donald Trump — and its sweeping overhaul of how the US regulates cryptocurrency to the Senate, where Republicans hope the backing of 78 Democrats helps ease passage.
The tally was a big win for the crypto industry, which had feared Trump’s crypto dealmaking could deter the bipartisan support they need to move the proposal through the Senate.
Already, there are signs House holdouts’ deal with leaders to include a Central Bank Digital Currency ban in defense legislation could be in danger: Sen. Bill Hagerty, R-Tenn., told Semafor “all they need to do is look at the text” of the stablecoin bill, which “largely dealt with that” — making additional language unnecessary.
“You can’t give anybody a 100% guarantee when human beings are involved and you’re talking about the legislative process,” House Majority Whip Tom Emmer told Semafor.
Trump is slated to sign the stablecoin bill at a ceremony Friday afternoon.