Crypto’s Roller Coaster: US Stablecoin Bill Faces Epic Roadblock

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Well, well, well, it seems the stablecoin train has hit a bit of a pothole. According to Politico (because of course they know), some crypto-loving Democratic senators have started to throw shade at the bill that was supposed to be the golden ticket for digital coins everywhere.

In other words, the bill now stands about as much chance of advancing as a snowball in the Sahara. Ouch.

Apparently, the current version of this masterpiece of legislation still has a few wrinkles to iron out. Yes, you read that right. According to some Democrats who were once dancing with the Republicans in this crypto-lovers’ tango, there are a couple of teensy-weensy issues—things like national security (because who doesn’t love a bit of drama there?), money laundering (always a fun topic), and foreign stablecoin issuers. Oh, and let’s not forget: they want a little more accountability for those cheeky stablecoin issuers who don’t quite live up to their fancy promises.

Meanwhile, Senate Majority Leader John Thune is rushing like a caffeine-fueled squirrel to get this thing passed before Memorial Day. Can he do it? Only time will tell. But let’s be honest, his optimism is probably as misplaced as a screen door on a submarine.

To reach the magical 60 votes required to overcome a filibuster (which is basically political jargon for “let’s make this take as long as possible”), the Republicans need at least seven Democrats to join the party. Easy, right? Well, not so much. Some Democrats, like Arizona’s very own Senator Ruben Gallego, are now thinking about pulling their support. A bold move, perhaps to snag some extra treats before they agree to anything. Politico thinks it’s just a power play for more concessions, and who are we to argue with them?

Crypto: The Political Football Everyone Wants to Kick

Despite the occasional crypto-enthusiast on the Democratic side, let’s be real—cryptocurrency is still the political equivalent of a hot potato in the US. And if you need any further proof, just look at Arizona’s Democratic Governor, Katie Hobbs, who recently vetoed a bill that could’ve made Arizona the first state to pass a strategic reserve bill (SRB). The crypto community was *not* impressed, to put it mildly. Cue the outrage and dramatic sighs.

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2025-05-04 13:26