Bloomberg: Stablecoin legislation split, Democrats threaten to use unlimited debate to obstruct legislation

Odaily News A bipartisan bill in the U.S. Senate aimed at establishing a federal framework for stablecoins has shown major differences during the discussion, with some Democratic lawmakers threatening to use filibuster on the bill, demanding additional strengthening of consumer protection and anti-money laundering clauses. A Democratic senator pointed out that the new agreement is still "full of loopholes" in stipulating stablecoin issuance and bank reserve requirements, and if it is not amended, it will not be able to protect the rights of ordinary users. The disagreement has forced the postponement of the vote originally scheduled for this week, and the legislative prospects are becoming increasingly confusing. Market participants are worried that if it fails to pass the current Congress, the regulatory vacuum in the U.S. stablecoin ecosystem may continue, affecting the speed of industry development. (Bloomberg)