U.S. Stablecoin Bill Could Clear Senate Next Week, Proponents Say
U.S. Stablecoin Bill Could Clear Senate Next Week, Proponents Say
Senator Bill Hagerty, who backed the Senate's version of the legislation, predicted the body will "make history" next week by passing the bill.
- Senators Bill Hagerty and Kirsten Gillibrand, a Republican and a Democrat who have advocated for stablecoin legislation, are saying the bill may clear the Senate as soon as next week.
- The Senate hit a bumpy road on what had earlier seemed like it could become a relatively easy and significant win for the crypto industry, but Democrats raised last-minute objections in the negotiations.
The U.S. Senate is gearing up for a potential breakthrough next week regarding the legislation on stablecoins, according to its proponents. Senator Bill Hagerty, a supporter of the bill named the "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS) Act, expressed confidence that history will be made with the bill's passage.
Senators Hagerty and Kirsten Gillibrand have been championing stablecoin regulation across party lines. Despite facing obstacles due to last-minute Democratic objections, the Senate seems poised to engage in discussions and potentially pass the bill next week.
Senator Hagerty emphasized the significance of establishing a regulatory framework for payment stablecoins and ensuring consumer protection while fostering innovation in the sector. Senator Gillibrand echoed these sentiments about safeguarding consumers and promoting responsible advancements through bipartisan collaboration on crafting the legislation.
Recent Senate proceedings have seen fluctuations regarding the bill, including a setback during a cloture vote. The upcoming Monday vote requiring 60 favorable votes for advancement presents another crucial juncture for the bill's progression. Concerns have been raised by Democrats about potential misuse and involvement of corporate entities in stablecoins, with particular attention drawn to President Donald Trump's ties to crypto enterprises like World Liberty Financial.
The evolving landscape within the Senate showcases a more favorable environment towards cryptocurrencies compared to past sessions. Despite initial bipartisan support, some Democratic reservations emerged later in the process; however, there is optimism surrounding potential progress due to an increased presence of crypto-friendly Democrats this time around.
The anticipation surrounding stablecoin legislation underscores its importance within financial regulations as policymakers navigate challenges posed by emerging digital currencies like those backed by companies and influential figures such as former President Trump.
Read More: U.S. Senate's Stablecoin Push Still Alive as Bill May Return to Floor: Sources
A previous version of the bill had easily advanced out of the Senate Banking Committee with a bipartisan vote before some of the same Democrats that approved it later raised objections. But the Senate has more crypto-friendly Democrats in this session than the last, when the Senate Banking Committee denied any progress for crypto bills.
Read More: Trump’s Memecoin, Crypto Stake Make Legislating ‘More Complicated’: Rep. French Hill
