Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, Dem Lawmaker Says

Senator Ruben Gallego shared his optimism about the Senate’s stablecoin bill progressing with substantial bipartisan support, following the adoption of numerous Democratic amendments by Republicans. The “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS) Act had faced challenges when Gallego led a Democratic group against a cloture vote, raising concerns over consumer protection and other issues.

However, over the subsequent weeks, Gallego noted a shift, with as many as 16 Democrats expected to back the bill in its final vote. He emphasized the constructive dialogue between parties, mentioning that many of the amendments proposed by Democrats had been accepted by their Republican counterparts, resulting in a significantly revised bill.

Gallego previously blocked the cloture vote, asserting that the initial product wasn’t suitable and requiring more adjustments. Following extensive negotiations, he claimed progress had been made, and the bill could see final approval as early as next week.

Notably, both the stablecoin legislation and the market structure bill need to pass for meaningful consumer protection and regulatory clarity. Gallego underscored the importance of prompt cooperation to ensure both bills reach President Trump’s desk by August, especially as the legislative calendar is constrained by upcoming budget issues and congressional elections next year.

Congressman French Hill echoed these sentiments, stating the urgency of passing both bills to prevent a reversion to uncertain regulatory interpretations. He warned that without a structured regulatory framework, mainstream financial entities may hesitate to engage with digital assets.

Overall, the stability of both the stablecoin bill and the related market structure legislation is seen as critical for the development of the crypto sector, ensuring a smoother pathway for traditional finance to enter the digital asset ecosystem. As discussions progress, unity within the crypto industry in voicing their needs to lawmakers will also be vital.

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