Crypto Industry-Backed Stablecoin Bill Advances in US Senate

The Senate advanced bipartisan stablecoin legislation supported by the crypto industry and President Donald Trump, with final passage of the measure likely next week.

Senate leaders are expected to bat away efforts to attach language pushed by retailers and their allies in the Senate to mandate competition to Visa Inc. and Mastercard Inc. in credit card processing, as well as a Democratic push to ban Trump from profiting off his crypto ventures.

The 68-30 procedural vote on Wednesday clears a key procedural obstacle. It came a day after the House Financial Services and Agriculture committees advanced broader crypto legislation, ...