05.19.25

Senate Advances Crypto Regulation Bill With Bipartisan Support

by: Robert Jimison

The U.S. Senate advanced a measure to regulate parts of the cryptocurrency industry with bipartisan support. The bill would create a regulatory framework for stablecoins. A parallel effort in the House has faced backlash from Democrats, who earlier this month blocked a hearing on the legislation, but are unlikely to have the votes to prevent it from passing. Among other provisions, the bill would require stablecoins to hold reserves of liquid, safe assets like Treasury bills. Issuers would also have to follow anti-money-laundering and terrorism finance rules and to give holders of coins priority to recoup their money in a bankruptcy.

Read the full article on The New York Times