Crypto Regulatory Push Shatters Long-Standing Political Alliances
Stablecoin dispute results in odd bedfellows.
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Scott Patterson writes about how the push to regulate digital assets has shattered long-standing business and political alliances.
The Senate Banking Committee’s planned markup of a major crypto bill Thursday signals a surprising — perhaps shocking — shift in political alliances on Capitol Hill: Republicans are facing off against the powerful banking sector, traditionally a stalwart backer of the Grand Old Party. Democrats, meanwhile, are backing the banks — a longtime foe in the halls of Congress.