The U.S. Senate has passed a bill to create regulations for cryptocurrency pegged on the U.S. dollar, known as stablecoins.

Washington

The U.S. Senate has passed a bill to regulate stablecoins, a type of cryptocurrency tied to the U.S. dollar, with a vote of 68 in favor and 30 against. The bill aims to set clear rules for stablecoin operations and received support from both major parties.

The legislation will now proceed to the House of Representatives, which has its own version of the bill with differences in federal oversight and treatment of foreign issuers. The House is also considering linking the stablecoin bill to broader digital asset market structure reforms, which could affect the timeline for final approval.

Senate passes stablecoin regulation bill

We've got a news alert on the Senate stablecoin vote. Emily Wilkins has got the details. Emily. Hey, Melissa. Well, yes, the Senate has now passed that major stablecoin bill that really sets the rules of the road with strong bipartisan support. Final vote was 68 for, only 30 against. Bill now moves on to the House, where it has still a lot of bipartisan support, but a lot of questions about exactly how it's going to move there. The House has its own version of the stablecoin bill. It differs a little bit in terms of federal oversight and how it treats foreign issuers. Plus, the House wants to move stablecoin along with a market structure bill for digital assets that's considered a little more complex. So we might not see this bill immediately move in the House, but there is certainly a lot of momentum and a lot of willingness to get this done. Thanks, everyone. Thanks for joining us. Have a great day.

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