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Nine Senate Democrats supported a cryptocurrency bill coming out of committee. Trump and Republicans thought they had an easy win, but progressives in the Senate Democratic caucus have been sounding the alarm about crypto being used as a vehicle for corruption by the president, and have been demanding that the legislation contain stronger rules and regulations.
Senate Democratic Leader Chuck Schumer (D-NY) sided with the progressives and got Democrats to block the bill that Trump wants.
Nine pro-crypto Democratic senators are withholding their votes for legislation that would create rules for stablecoins — a type of crypto pegged to assets like the US dollar — in hopes they can convince Republicans to beef up the bill’s provisions on national security and consumer protection.
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