Stablecoin Bill Set to Advance in Senate After Trump Push (2)

The Senate Banking Committee will vote Thursday on a bipartisan deal to regulate stablecoins as House Republicans push for quick action on their own bill.

Committee Chair Tim Scott announced a revised proposal late Monday that he said had been negotiated with stakeholders in the industry and “will protect consumers and expand financial inclusion for Americans across the country.”

Senator Kirsten Gillibrand of New York, the top Democratic sponsor, said the revised version improves “risk mitigation, state pathways, insolvency, transparency, and more.”

But the Banking Committee’s top Democrat, Elizabeth Warren of Massachusetts, has countered that the bill falls short of ...