Stablecoin Fight Heads to Showdown as Senate Democrats Splinter

The Senate is poised to advance industry-backed stablecoin legislation in a key vote expected Monday evening, with a group of crypto-friendly Democrats led by Kirsten Gillibrand and Angela Alsobrooks seeking to end their party’s blockade of one of President Donald Trump’s top priorities.

Senate Majority Leader John Thune last week filed a motion to end the Democratic filibuster and start consideration of the measure, with Republicans hoping to pass the bill before Memorial Day. That would require 60 votes and at least seven Democratic supporters.

Senator Kirsten Gillibrand at DC Blockchain Summit on March 26.

Photographer: Kent Nishimura/Bloomberg

Democrats united in opposition to an earlier effort to advance the bill, with ...