Senate Braces for May Showdown on Stablecoin Rules—Banking Lobby Already Circling

Washington’s ticking clock hits crypto again: lawmakers fast-tracking a vote to rein in stablecoins by summer. Industry giants—predictably—are dumping millions into ’education campaigns’ (read: loophole carving).

Behind the scenes: Treasury’s playing nice with issuers...for now. But with election-year posturing heating up, this bill could either legitimize the sector or become another political football. Place your bets—just don’t use an unregulated stablecoin to do it.

Not everyone is on board. Senator Elizabeth Warren has voiced concerns over the bill’s lack of consumer safeguards, arguing it doesn’t go far enough to protect everyday users.

Still, the legislation appears to be on track to receive bipartisan support—something the crypto industry has been hoping for amid calls for regulatory clarity.

Interest in stablecoins continues to grow. Asset management giant Fidelity is reportedly exploring opportunities in the space, while investor Mike Novogratz has gone so far as to suggest stablecoins could eventually challenge the foreign exchange market’s dominance.