Landmark Stablecoin Bill Advances in Senate Banking Committee

The Senate Banking Committee advanced landmark stablecoin legislation Thursday in a major victory for the ascendant cryptocurrency industry, despite strong objections from top Democrat Elizabeth Warren.

The 18-6 vote puts a priority of President Donald Trump on a fast track in the full Senate. The bipartisan bill would govern privately issued, dollar-based stablecoins, which the industry claims will enable cheaper and faster transactions across the globe for anyone with a smartphone.

But Warren argued the bill failed to do enough to protect consumers, taxpayers or the broader economy if a stablecoin fails. “This bill begs for more bailouts,” she ...