Stablecoin legislation encounters obstacles in the Senate, with Democratic lawmakers pointing to corruption in TRUMP coin activities.

On May 9, Jin10 reported that Senate Democrats blocked stablecoin legislation supported by the digital asset industry, and Trump's widely known and growing crypto portfolio has caused a stir. The supporters of the bill failed to reach the required 60 votes in Thursday's vote with a tally of 49 to 48. There is still a possibility for both sides to reach an agreement in the coming weeks, with many Democrats stating that stablecoin regulation is crucial for protecting consumers and providing guidelines for this emerging industry. Recently, Trump has been vigorously promoting the TRUMP coin named after him, and after the token's organizers launched a marketing campaign stating 'the largest Holdings can dine with the President,' token sales surged. Democratic Senator Warren and other lawmakers have claimed that such measures exhibit clear corruption.