Senate Stablecoin Bill Expected to Receive Bipartisan Approval
Senator Ruben Gallego indicated that up to 16 Democrats may support the Senate's stablecoin bill, the "Guiding and Establishing National Innovation for U.S. Stablecoins of 2025" (GENIUS) Act, during its final vote. Initially opposed due to consumer protection concerns, some Democrats have shifted their stance after amendments were made to the bill.
- Gallego highlighted the collaboration with Republicans in amending the bill.
- He emphasized that the current version is significantly improved compared to earlier drafts.
- A final vote is anticipated next week, potentially garnering bipartisan support.
- The passage of the GENIUS Act is contingent on concurrent legislation addressing broader crypto market regulations.
- Gallego expressed optimism about completing both bills before the congressional elections next year.
Congressman French Hill underscored the necessity of passing both the stablecoin and market structure bills to provide regulatory clarity for traditional finance firms engaging with digital assets. Legislative cooperation is essential for timely passage, with a target date set for August.
- The House Financial Services Committee will review the market structure bill next Tuesday.
- Differences between House and Senate versions must be reconciled before reaching the President.
- Unified lobbying efforts within the crypto industry are urged to enhance legislative impact.