9 Senate Democrats Withdraw Support From Bipartisan Cryptocurrency Bill

The bill aims to bring predictability to the stablecoin market with a regulatory system, but Democrats said they want more security-related reforms.

Rep. Ruben Gallego (D-Ariz.) speaks on stage during the final day of the Democratic National Convention at the United Center in Chicago on Aug. 22, 2024. Chip Somodevilla/Getty Images

WASHINGTON—A group of nine Senate Democrats announced May 3 that they will not support a bill designed to regulate stablecoins in the cryptocurrency industry.

Stablecoins are digital assets whose value is fixed in relation to the value of another asset, such as the exchange rate of the U.S. dollar or the value of traded commodities, including oil, gold, or another cryptocurrency.