Crypto divide in the Senate: Democrats clash as Trump pushes forward on Stablecoin Bill
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The US Senate took a historic step towards regulating stablecoins Monday night, May 19 but the debate on the chamber floor extended far beyond digital finance.While the official focus was on establishing a framework for dollar-pegged cryptocurrencies, the subtext was unmistakable: President Donald Trump's growing influence over the future of crypto loomed large over the proceedings.The procedural vote passed handily, 66 to 32, a moment some hailed as historic, the first serious bipartisan movement toward regulating crypto. But if the tally suggested unity, the speeches and side-glances told another story. Trump's unapologetic crypto boosterism hovered over every word, with many Democrats visibly wrestling with the optics of backing legislation that could hand the president another perceived win.Also read: Bitcoin trades above $106,000 as market shrugs off US credit downgrade; Ethereum, Chainlink jump over 7% Sixteen Democrats crossed the aisle to push the bill forward. Senators like Kirsten Gillibrand, Cory Booker, and Adam Schiff, all prominent voices on tech and finance, stood behind the legislation. It wasn't a casual endorsement. Each one knew the risks: Trump's fingerprints on the crypto world are everywhere, from family-linked ventures to rumored backdoor lobbying.Gillibrand, co-sponsoring the bill with Tennessee Republican Bill Hagerty, praised the effort as a necessary evolution. 'This framework moves us out of the Wild West and toward something that could actually work,' she told reporters before the vote. But even her optimism couldn't disguise the unease within her party.On the Republican side, opposition came not from Trump loyalists but from libertarian purists like Rand Paul and Jerry Moran, who've long bristled at federal control over decentralized tech. Their no-votes were predictable. The real theater was unfolding among Democrats.Senator Elizabeth Warren delivered the night's sharpest blow. In a speech that drew murmurs even from seasoned staffers, she accused 'the President' of using crypto to launder influence and line his own pockets. She never said 'Trump,' but no one was confused. 'This bill,' she said, 'doesn't just unlock stablecoins. It opens the door to unchecked corruption, national vulnerability, and financial chaos.'On the floor, cameras caught her in a quiet but charged exchange with Gillibrand. A few words, a sharp gesture, a clenched jaw, it was the kind of moment that defines Senate lore.Also read: JPMorgan Chase to offer clients access to Bitcoin, despite CEO Dimon's continued criticism Even Democrats who voted yes felt the pressure. Senator Mark Warner, instrumental in shaping the compromise text, gave a carefully worded statement afterward. 'The Trump family's history with crypto raises serious red flags,' he said. 'We have to acknowledge that. But turning our backs on the technology won't make the risk disappear. This bill gives us guardrails — finally.'With Senate support now secured, attention shifts to the GOP-held House, where Trump allies are expected to move quickly. A similar version of the bill already passed the House Financial Services Committee, clearing a path for final passage, and a signature from a president who has loudly cheered crypto's rise.For the crypto industry, which has spent years pushing for clarity, the moment feels like a vindication. But for lawmakers caught between innovation and integrity, it's a tightrope walk. The legislation may rein in stablecoin volatility and establish oversight, but it also legitimizes a market closely tied to a president known for bending or ignoring the rules.If the bill becomes law, it won't just mark a win for crypto. It will cement Donald Trump's place in its future. And for many on the Senate floor Monday night, that was the real vote they were casting, one not just about digital currency, but about the currency of power.
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