The US Senate has never come close to approving major crypto laws to fill stable regulatory bills, but some Democrats argue that the final debate needs to address President Donald Trump’s accusation dispute.
While supporters of the US Stubcoin Act hoped to close their efforts in a week, the debate follows the bill’s second week floor action to set up oversight of dollar-based tokens at the heart of digital asset trading.
Part of that debate is to promote prominent Democrat factions, including Senators Elizabeth Warren and Chris Murphy, and amend the law directly banning the president and other government officials (including members of Congress) into the Stubrecoin business.
A group of seven Democrats, including minority leader Chuck Schumer, said in a statement a day after Trump welcomed more than 200 top investors to a private dinner in his own Mimecoin. “To crack down on blatant corruption in the President and his family, our amendments prohibit the president, vice president and senior government officials from directly or indirectly benefiting from a stable coin venture while in office.”
Read more: Democrats threaten lawsuits and join protests ahead of Trump Memocoin’s dinner
Other Democrats who chose to move forward with the bill earlier last week have argued that the US Constitution makes it illegal for the president to accept something of value from foreign interests, as he argues that Trump is doing with his family’s crypto business. Senators, including Kirsten Gillibrand of New York, say there’s no need to repeat that in the Stablecoin bill. But Murphy rebutted at a press conference on Thursday, saying pursuing legal violations under its constitutional provisions is much more difficult than clearly creating new laws with clear consequences.
Sen. Bill Hagerty, a Republican in Tennessee, supports guiding and establishing national innovation for the US Stubcoin Act, and in an interview on Fox Business on Friday, he said, “We are optimistic because we are hugging this law and we are pleased that we are strong in the right direction here. The bill cleared the so-called coagulation voting on Monday, requiring 60 votes, and includes more than 66 Democrats.
Once the vote to advance the bill began the period of debate on the defined floor, another coagulation hurdle had to be cleared and a final vote on approval that would occur in a simple majority. At the time, the House could hire Senate jobs or pass something that would be compatible with genius acts in compromise negotiations that would lead to more votes.
Murphy said Thursday that the stubcoin discussion will continue until next week. In response to a question from Coindesk, he said that if the current Stablecoin debate doesn’t get caught up in the Trump issue, fellow Democrats who approved the previous Croto vote might not do so again.
Many of the same Democrats protesting Trump’s Memocoin dinner are trying to manipulate a ridiculous debate towards a potential conflict among government officials. Murphy said Trump is running “the most corrupt White House in the country’s history.”
“Just because corruption is open to the public, it doesn’t mean that everyone can see it, it’s ramp-prolonged and not greedy corruption,” he said.
But Trump’s son Eric appeared in Consensus 2025 in Toronto earlier this month, claiming that the crypto business issue doesn’t provide access to the presidency.
“I started world freedom long before he was elected,” Eric Trump said. “We were in the crypto world long before he was ever elected, and one person had absolutely nothing with the other.”
And Bo Hines, White House adviser of digital assets, said at the same consensus event that “the US president cannot buy.”
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