Bloomberg: Stablecoin Legislation Coalition Faces Rift as Democrats Threaten Filibuster

According to Bloomberg, a bipartisan coalition supporting stablecoin legislation in the U.S. Senate has fractured due to a group of key Democratic senators threatening to use a filibuster unless the bill undergoes "numerous" amendments. Republicans had originally hoped to pass the bill this month.

Newly appointed pro-crypto Senator Ruben Gallego from Arizona led this statement. He had supported the bipartisan bill in the Senate Banking Committee, which aims to regulate cryptocurrencies pegged to the U.S. dollar. This Saturday, he, along with eight other Democratic senators, issued a statement warning that they would filibuster the latest draft of the bill.