Crypto-Backed Stablecoin Bill Blocked Amid Trump Furor (1)

Senate Democrats blocked stablecoin legislation backed by the digital assets industry amid a furor over President Donald Trump’s extensive and growing portfolio of crypto ventures.

Backers of the bill failed to muster enough support to bring it up for consideration with only 48 senators voting in favor Thursday, short of the 60 votes needed.

President Donald Trump in the Oval Office Thursday

Photographer: Bonnie Cash/UPI/Bloomberg

Many Democrats, including Democratic Leader Chuck Schumer, Brian Schatz and Chris Coons, said the bill was not ready, with no finalized legislative text reflecting a compromise.

Republicans rebuffed Democrats’ demands to include a provision barring Trump and other senior officials from profiting ...