The Senate took two big swings this week—one at shaping the future of digital currency, the other at rolling back green energy subsidies.
Lawmakers approved a long-awaited framework to regulate stablecoins—digital currencies tied to other currencies, like the U.S. dollar. The bill, backed by 18 Democrats and nearly all Republicans, would strengthen bankruptcy protections for depositors and require the Treasury to monitor suspicious crypto transactions. Supporters, like Senator Cynthia Lummis (R-Wyo.), say regulation is overdue. However, critics flagged concerns about market ties to the Trump family. The bill now heads to the House, where separate crypto legislation is also in the works.
Meanwhile, the Senate revealed plans to cut billions in green energy tax credits. The proposed budget trims Department of Energy spending by 7%—from $49.8 billion to $46.3 billion—and slashes over $3.7 billion in “green energy” programs next year. It would also pull nearly $20 billion in dedicated funding for renewable energies through 2032.
