Senate stablecoin vote splits Democrats amid concerns over corruption

The recent vote in the Senate to move the GENIUS stablecoin framework ahead has shown glaring cracks in the Democratic coalition.

US Senate Democrats are getting flak after they helped move stablecoin legislation ahead for discussion on the Senate floor.

On May 19, 16 Democratic senators broke from the party line to pass a motion to invoke cloture, which will now set the bill up for debate on the Senate floor. Some of the same Democrats had held up the bill in early May when they withdrew support, citing corruption concerns over President Donald Trump’s cryptocurrency dealings.

The bill’s opponents hailed lawmakers’ refusal to support it but were soon taken aback when the senators reversed their position. The lightly amended legislation contained no provisions regarding World Liberty Financial, the Trump family’s crypto venture.

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