Senate Votes Against Advancing Stablecoin Bill, Delaying Process Over Trump's Fester Concerns
Senate Refused to Advance Stablecoin Bill, Delaying Process Due to Trump's Fester Concerns
The latest objections from Democrats have led to the failure of a vote to begin debate on a key legislative priority in the cryptocurrency space: regulation of dollar tokens.
Jesse Hamilton | Edited by Nikhilesh De Updated May 8, 2025 8:18 PM Published May 8, 2025 6:33 PM
What is important to know:
- A procedural vote to advance a stablecoin bill has failed in the Senate, which could significantly delay debate and voting on the bill.
- The 48 votes needed to move on to the next stage fell well short of the 60 that supporters of the bill had expected after months of work.
- Two Republicans also expressed opposition to the bill.
A U.S. bill that would have regulated stablecoins failed to advance on Thursday as a wave of opposition from Democrats prevented it from moving to debate, which would have led to a final vote on its passage.
The crypto industry is keeping a close eye on the Senate, where the fate of its long-awaited legislative battle hangs in the balance this year. The first of two major digital asset bills — this one to regulate stablecoins like Circle’s USDC and Tether’s USDT — has run into trouble in Congress, despite previously receiving bipartisan approval in the Senate Banking Committee.
A technical but significant vote to advance the bill to floor debate next week ended 48-49. Under Senate rules, 60 votes were needed to advance the maximum 30 hours of debate. Senators Josh Hawley and Rand Paul joined their Republican colleagues in voting against advancing the bill. Senate Majority Leader John Thune also changed his vote to “nay” at the end of a series of votes to defer the bill to a later date.
The 60-vote threshold to advance to the next stage is a major hurdle for critics of the current legislation. Once the bill passes that stage, a simple majority in the Senate would be enough to pass it, theoretically allowing Republicans to pass it on their own if they can muster all their members.
Some Democrats who previously supported the effort have spoken out against it in recent days, arguing that the stablecoin regime needs additional protections against bad behavior, particularly highlighting President Donald Trump's ties to the cryptocurrency business as a potential conflict of interest that many of them see as corruption.
Sen. Ruben Gallego, who has received $10 million in support from crypto industry PACs during the 2024 elections, was among them. He told the Senate before the vote, “I believe we have a chance to actually get this done, get good language, and get a bipartisan win for our country.” But he added that hard work
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