In the bustling corridors of Bitcoin 2025 in Las Vegas, Senator Cynthia Lummis (R-Wyo.) expressed a mixture of relief and exhaustion over the near passage of the GENIUS Act, a ground-breaking stablecoin bill. “It’s been extremely difficult,” Lummis confessed during a candid conversation with Coinbase’s Chief Legal Officer, Paul Grewal. The bill, which cleared a pivotal 60-vote threshold last week, now stands on the cusp of becoming the first piece of legislation from the Senate Banking Committee in eight years—an arduous journey that not even Lummis had anticipated to be so challenging.
A Political Marathon
The road to this legislative milestone has been anything but smooth. The GENIUS Act has faced significant hurdles, primarily from crypto-skeptic Senator Elizabeth Warren (D-Mass.) and a coalition of other senators including Republicans like Josh Hawley of Missouri and Rand Paul of Kentucky. Their collective opposition initially thwarted the bill’s progress, stalling it before it could gain enough bipartisan support to move forward. “It’s taken a tremendous amount of work,” acknowledged the bill’s sponsor, Sen. Bill Hagerty (R-Tenn.), who emphasized the relentless efforts of Warren to prolong the proceedings. For more on the Senate’s recent movements in this area, see U.S. Senate Moves Toward Action on Stablecoin Bill.
Yet, the bill’s advancement marks a rare moment of bipartisanship in a deeply divided Senate. If passed, it would symbolize more than just regulatory clarity for stablecoins—it would signify a rare legislative victory in an era where passing laws has become a Herculean task. “We don’t have the muscle memory anymore to legislate. That’s our job,” Lummis remarked, highlighting the broader dysfunction within the legislative process.
Behind-the-Scenes Negotiations
The behind-the-scenes maneuvering, led by Lummis and co-sponsor Kirsten Gillibrand (D-New York), has been critical to reaching this point. The meticulous negotiations have involved balancing diverse interests and addressing concerns from both sides of the aisle. “I’m very hopeful,” Lummis said, optimistic that the Senate could collaborate with the House on additional crypto regulations. She cited the House’s recent success with the FIT21 bill as a beacon of hope for future legislative endeavors. This optimism is echoed in the private sector, as seen in Visa and Baanx Launch USDC Stablecoin Payment Cards, which highlights the growing integration of stablecoins in mainstream financial services.
Analysts suggest the GENIUS Act could be a game-changer for the cryptocurrency market, providing much-needed regulatory guidance for stablecoins—a cornerstone of the crypto ecosystem. Stablecoins, with their pegged value, are pivotal for trading and transactions, and clarity on their regulation could spur innovation and investment.
The Road Ahead
As the Senate approaches the final vote, the bill’s proponents are cautiously optimistic. Yet, there is a lingering anxiety about whether the momentum can be maintained. The GENIUS Act’s passage could catalyze further crypto legislation, but the path remains fraught with political complexities.
Lummis and her colleagues are already looking beyond the immediate horizon, eyeing a market structure bill as the next challenge. The House, with its “muscle memory,” might provide a cooperative partner in this endeavor. But the question remains: can the Senate replicate this rare moment of bipartisanship in future legislative efforts?
As the clock ticks down to the final vote, the cryptocurrency world watches with bated breath. The GENIUS Act not only has the potential to reshape the regulatory landscape but also to set a precedent for how the Senate tackles complex, modern financial issues. Whether this trend will continue or falter is a question that only time—and perhaps a bit more muscle memory—will answer.
Source
This article is based on: Sen. Lummis on Push for Stablecoin Bill: ‘I Had No Idea How Hard This Was Going to Be’
Further Reading
Deepen your understanding with these related articles:
- Tether’s U.S.-Focused Stablecoin Could Launch Later This Year, CEO Paolo Ardoino Says
- SEC Ditches PayPal’s PYUSD Probe, Removing Key Regulatory Hurdle for Its Stablecoin
- U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer (openai)
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
