Crucial Stablecoin Bill Vote Teed Up in the Senate for This Week

Senate Majority Leader John Thune has teed up a critical procedural vote Wednesday on stablecoin legislation supported by the crypto industry and President Donald Trump.

The vote, which will require support from 60 senators, puts the bipartisan legislation on path for swift passage in the coming days after revisions last month won the backing of crypto-friendly Democratic senators like Angela Alsobrooks and Mark Warner.

The stablecoin bill would set up rules for dollar-pegged tokens used to make payments. The stablecoins would have to be backed one to one with reserves held in short-term investments like federal debt, overseen ...