9 Senate Democrats Withdraw Support From Bipartisan Cryptocurrency Bill

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. Unlike other cryptocurrencies, whose value frequently fluctuates by large amounts, stablecoins are intended to have a more stable value, which makes them more attractive for larger risk-averse investors such as pension funds, sovereign wealth funds, asset managers, and wealthy family offices....