The Senate has scheduled a vote on a Trump-backed stablecoin bill aimed at regulating dollar-pegged tokens. It focuses on fostering competition in credit card processing by targeting high fees from Visa and Mastercard.
Despite concerns from progressive Democrats over potential misuse and Trump family profits, bipartisan support is evident. The bill has undergone revisions to attract votes across party lines, ensuring stronger regulations for stablecoins.
Supporters argue the legislation could improve the credit card processing landscape for merchants. However, critics like Elizabeth Warren warn the lack of safeguards may enable misuse of stablecoins, risking the financial system.
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