Bipartisan Stablecoin Legislation Faces Challenges in U.S. Senate

According to BlockBeats, a bipartisan coalition supporting stablecoin legislation in the U.S. Senate has encountered obstacles. A group of key Democratic senators has threatened to use filibuster tactics unless significant amendments are made to the bill. This development comes as Republicans had hoped to pass the legislation this month. The statement was led by Ruben Gallego, a newly elected senator from Arizona known for his pro-crypto stance. Gallego had previously supported the bipartisan bill in the Senate Banking Committee, which aims to regulate cryptocurrencies pegged to the U.S. dollar. On Saturday, he, along with eight other Democratic senators, issued a statement warning of their intention to block the latest draft of the bill.