According to Bloomberg, senators from both parties in the United States are accelerating the push for a "rebirth" of stablecoin legislation supported by the cryptocurrency industry. Previously, the legislation was blocked due to controversy surrounding Trump's cryptocurrency investment portfolio. The primary Republican initiator of the legislation, Senator Bill Hagerty from Tennessee, stated at the Capitol that both parties are continuing to push forward and hope that the Democratic Party can pass it before the May 26th holiday recess, as the Senate will focus on Republican fiscal and tax plans. He bluntly stated that "it's time to see if rationality can prevail".
Progressive Democrats such as Elizabeth Warren pushed to ban officials like Trump from profiting from cryptocurrency investments during their term, but were rejected by the Republican Party. Chuck Schumer and others complained that there was no public text of the bipartisan compromise plan. The primary Democratic initiator, Maryland Senator Angela Alssobrooks, said the senator is working hard and she and four Democrats have voted in favor of the Banking Committee. In the Senate, a majority of legislation requires 60 votes, and Democratic support is crucial. Cryptocurrency industry executives such as the CEO of Coinbase are pushing to resolve the deadlock, and the digital asset industry spent heavily last year to elect cryptocurrency friendly lawmakers. This trend may continue until the 2026 midterm elections.
