US stablecoin bill faces resistance as 9 Democratic senators threaten to block it

TechFlow, May 5 — According to Bloomberg, a bipartisan effort in the U.S. Senate on stablecoin legislation has hit a snag. A group of nine Democratic senators led by newly elected Arizona Senator Ruben Gallego issued a statement saying they would launch a filibuster to block the bill unless "significant" changes are made to the latest draft. Notably, Gallego previously supported this bipartisan bill regulating dollar-pegged cryptocurrencies during a Senate Banking Committee session.