Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, Dem Lawmaker Says
The bipartisan “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS) Act is progressing through the Senate, with Senator Ruben Gallego predicting strong bipartisan support. Initially, Gallego led a group of Democrats in opposing the bill due to concerns over consumer protection and other provisions. However, after negotiations and amendments, he now anticipates at least 16 Democrats will vote in favor. Gallego attributes this shift to productive collaboration with Republican colleagues, resulting in a significantly revised bill. He emphasizes the importance of passing both the GENIUS Act and companion market structure legislation for comprehensive crypto regulation.
The GENIUS Act’s success hinges on the passage of a broader market structure bill, which faces potential hurdles due to differing versions in the House and Senate. Congressman French Hill underscores the urgency of passing both bills to avoid regulatory uncertainty and encourage participation from traditional finance firms. Without clarity, he warns, traditional finance institutions will hesitate to engage in the digital asset sector, hindering its growth and interoperability.
Representative Bryan Steil aims for both bills to reach President Trump’s desk by August, although Representative Dusty Johnson acknowledges potential differences between the House and Senate versions of the market structure bill, requiring compromise and negotiation. Senator Gallego advocates for a measured approach, prioritizing a well-crafted product over a rushed process, even suggesting an early-2026 deadline to avoid the heightened political tensions of the election cycle.
Summer Mersinger, CEO of the Blockchain Association, stresses the need for crypto industry unity in lobbying efforts, advocating for a strong, unified voice in Washington. While acknowledging diverse viewpoints within the industry, she emphasizes the importance of finding common ground to effectively influence policymakers. The House Financial Services Committee will hold a markup on the market structure bill, highlighting the ongoing work required to finalize both pieces of legislation.
