PANews reported on May 14 that according to Bloomberg, bipartisan U.S. senators are accelerating the "rebirth" of stablecoin legislation supported by the crypto industry. Previously, the legislation was blocked due to controversy over Trump's crypto portfolio. The first Republican sponsor of the legislation, Tennessee Senator Bill Hagerty, said at the Capitol that the two parties are continuing to push forward and hope that the Democrats will pass it before the holiday recess on May 26, because the Senate will focus on the Republican fiscal and tax plans. He bluntly said, "It's time to see if rationality can prevail."
Progressive Democrats Elizabeth Warren and others pushed for a ban on Trump and other officials from profiting from crypto investments during their terms, but were rejected by the Republicans. Chuck Schumer and others complained that there was no public text of the bipartisan compromise plan. The first Democratic sponsor, Maryland Senator Angela Alsobrooks, said that senators are working hard, and she and four Democrats have voted in favor on the Banking Committee. In the Senate, most legislation requires 60 votes, and Democratic support is critical. Crypto industry executives such as Coinbase CEO are pushing to resolve the deadlock. The digital asset industry spent a lot of money last year to elect crypto-friendly lawmakers, and this trend may continue until the 2026 mid-term elections.
