Coinbase and a handful of allies are actively lobbying Congress to prevent stablecoin legislation from passing in a standalone bill, a strategic move that is causing friction in the tight-knit world of crypto policy as one such bill nears a floor vote in the Senate, sources familiar with the matter told Decrypt.
Stablecoin bills currently before Congress would provide a path to legality for issuers of stablecoins—digital assets pegged to the U.S. dollar that allow crypto traders to enter and exit positions without the need to access dollars directly. The bills would be the first to effectively legalize a foundational component of the crypto industry. Stablecoins serve as a key connector between crypto and traditional financial markets.
Passage of stablecoin legislation has been a top industry priority for months, and parallel stablecoin bills have already passed key committee votes in the Senate and House. Those bills are now…
