Stablecoin Coalition Cracks as Democrats Threaten Filibuster

A bipartisan alliance backing stablecoin legislation shattered in the US Senate as a key group of Democrats threatened to block a bill that Republicans had hoped to pass this month — unless “numerous” fixes are made.

Senator Ruben Gallego of Arizona, a crypto-friendly freshman who backed the bipartisan measure regulating dollar-pegged cryptocurrencies in the Banking Committee, led a statement Saturday from nine Democrats in the chamber warning that they would filibuster the bill.