The Senate is set to take a historic step in the digital asset space this Thursday, when lawmakers will begin considering landmark cryptocurrency legislation that could reshape how stablecoins are regulated in the United States.
Senate Majority Leader John Thune (R-S.D.) filed cloture on the bill Tuesday evening, positioning the chamber for a procedural vote that will test the bipartisan appetite for comprehensive crypto rules. The legislation, introduced by Sen. Bill Hagerty (R-Tenn.), would establish the first federal framework for dollar-pegged stablecoins.
GOP Pushes for Support Amid Democratic Resistance
Republican senators are working to rally support, especially from a small group of key Democrats who over the weekend signaled opposition to the bill’s current language. A successful vote on Thursday would require at least 60 votes, including bipartisan backing.
“There’s momentum building again,” said Sen. Kevin Cramer (R-N.D.), suggesting that GOP leaders may be closing the gap with Democratic holdouts.
Staffers from both parties have reportedly been negotiating language adjustments behind closed doors to strike a compromise that could pass the threshold.
Lummis, Schumer, and the Bipartisan Balancing Act
Sen. Cynthia Lummis (R-Wyo.), one of the Senate’s most vocal crypto advocates and a co-sponsor of the bill, said Republicans are expected to meet “soon” with the Democratic senators still on the fence.
Lummis also met Tuesday with Senate Minority Leader Chuck Schumer (D-N.Y.), who has urged Democrats not to commit too early so they can push for further changes.
“I think he sincerely wants to get something done,” Lummis said. “So we’re going to just keep working on it.”
Skepticism Within GOP Ranks
While the bill enjoys support from many in the GOP, not all Republicans are on board.
Sen. Rand Paul (R-Ky.) voiced skepticism Tuesday, warning that new regulations could harm the crypto sector and stifle innovation. “I’m leaning against it,” he said, questioning the need for the regulatory framework.
Sen. Josh Hawley (R-Mo.) remains undecided. He raised concerns about the bill possibly opening the door for tech giants to issue their own stablecoins — a move he says could give too much power to big tech in the financial space.
“I’m not a big fan of Big Tech getting into banking,” Hawley said.
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Source: https://coindoo.com/the-senate-is-set-to-cast-its-first-vote-on-crypto-regulation-this-thursday/