Stablecoin bill fails to clear key hurdle in US Senate

Quick Summary:

Legislation that would create a regulatory framework for U.S.dollar-pegged cryptocurrency tokens known as stablecoins faced a setback on Thursday as the bill failed to clear a key hurdle in the U.S.Senate.

The sector spent more than $119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Democrats Senate Failed Voted Capitol Stablecoin Crypto Bill Vote Legislation Senator

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-09 @ 03:49:15 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 499 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 28498888

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Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

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