Stablecoin Legislation Clears Senate, Validating Crypto Industry’s Political Spending

The U.S. Senate passed stablecoin legislation establishing rules for dollar-pegged cryptocurrencies, marking a major victory for the crypto industry and Trump, according to Bloomberg. The Senate passed the stablecoin bill in a 68–30 bipartisan vote, even as Republicans blocked Democratic attempts to prevent Trump from profiting from his crypto ventures. A stablecoin linked to Trump has already reached a $2 billion market value. The stablecoin vote represents the crypto industry's biggest return on its massive political investments to elect a crypto-friendly Congress. Industry leaders plan to replicate this strategy in the 2026 midterms. The House must now decide whether to pass the bill as is or negotiate broader crypto legislation.