Push for Stablecoin Law Gets Surprise Boost from Sherrod Brown

A long-delayed bid to write a new law for stablecoins is getting a push from an unexpected lawmaker: crypto-skeptic Sherrod Brown.

The Senate Banking Committee chairman said Tuesday that he’s open to advancing such legislation in a package with a bill authorizing banks to do business with marijuana businesses and another measure clawing back compensation for executives at failed lenders. Support from Brown, an Ohio Democrat, would significantly boost chances for passage.

“That’s the goal,” he said, of combining the bills in a brief interview at the US Capitol.

Senator Sherrod Brown

Photographer: Tierney L. Cross/Bloomberg

But Brown cautioned that any stablecoin compromise and would ...