Key legislation to advance cryptocurrency blocked by Dems on the Senate floor

A The draft law of the two parties To advance and organize Stablecoins was dropped in the Senate Hall on Friday after the Democrats who previously voted voted for legislation.

Sources close to the leadership of the Republican Party Party said Elizabeth WarrenD-Massachusetts, leader Chuck Schumer, D-New York, the party against the direction and creation of the national innovation of US Stablecoins (Genus) before voting to take the draft law in the Senate Hall.

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“Party Democrats placed above politics and obstruction over innovation when they banned a genius law-the legislation of the two parties who helped them-would help ensure innovation here in the United States, said Senator Tim Scott, R. South Carolina, told Fox News Digital Saturday.” This was not about the essence of the bill; It was a matter of satisfying the most extreme elements in their party who wanted to punish President Trump and stop his agenda at any cost, but it was the American people who will pay the price. ”

Senator Tim Scott, one of the sponsors participating in the draft law, Tell Fox News Digital in March Expect the signing of Stablecoin legislation in the law “by August”.

Despite the setback, Scott Fox told “Republican colleagues and I am not attempted to fight – we will continue to work on digital asset legislation to help make the United States capital of encryption in the world.”

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In the dramatic detection of the Senate Hall on Friday, Senator Robin Galigo, De Arizona, who voted for the Jaziqa law in the committee, moved to vote on the draft law on Monday, but Warren can be heard while objecting to the proposal, according to the sources who were watching the floor.

“Although this bill is not perfect, we have made many improvements through the work of our two -party committee – including better protection for customers in bankruptcy, addressing national security risks, and promoting preservative studies to maintain financial stability – and I think it is a step in the right direction,” explained Galjo in the Senate.

Representative Robin Galigo, De Areez, is walking at home, steps from the final votes of the week in the American Capitol on Thursday, September 14, 2023. (Bill Clark / CQ-Roll Call, Inc via Getty Images / Getty Images)

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The intention of the bill is to allow Stablecoin To track the US dollar in an attempt to reduce fluctuations in encryption markets and provide authority to make nearly $ 3.1 trillion. The encryption space was not largely organized, although China introduced the digital Yuan in 2022.

The majority leader of the Senate John Thun also treated the democratic transformation in a speech before the vote, saying, “It makes you wonder whether this is related to the draft law at all – or if the Democrats simply sweat because they want to deprive the Republicans, or President Trump, a victory in the two parties.”

One of the main reasons decided by Democrats against the bill is Stablecoin Relationships with President Trump. Dems argues that the president will personally benefit from the advancement of legislation.

American Senator John Thon (R-SD) is speaking after his election of the majority leader of the Senate at the conference 119 after the Republican leadership elections in the US Capitol on November 13, 2024 in Washington, DC. Republicans were elected Senate Senator (Kevin Lietsch/Getty Images)

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“Now, given the fact that the Democrats continue to move the goals of goals, it is difficult to doubt that this is the case.” “I must say, Mr. President, that this is very disappointing.”