The bill is now set to proceed to the Republican-controlled House of Representatives before it can be presented to President Donald Trump for his endorsement. The approval of this bill represents a triumph for the cryptocurrency sector, which has persistently advocated for definitive regulations and has invested substantially—over $119 million—in lobbying efforts and backing pro-cryptocurrency candidates.
Nevertheless, detractors, including Senator Elizabeth Warren, caution that it does not provide sufficient protections against money laundering and may allow technology giants to issue private digital currencies without oversight.
In addition, with bipartisan backing, Warren Stephens, a financier, was confirmed with a 59-39 vote as ambassador to the UK and Northern Ireland. Tom Barrack, a long-time ally of Trump and a private equity executive, received confirmation to Turkey with a 60-36 vote.
Tilman Fertitta, the billionaire CEO of Landry’s and owner of the Houston Rockets, was approved with an 83-14 vote as ambassador to Italy. These confirmations reflect Trump’s continuing influence in shaping foreign policy through loyal and affluent associates, even as critics raise concerns regarding the political motivations behind these appointments.
