In a remarkable turn of events on Capitol Hill, the Senate’s stablecoin bill—officially known as the “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS) Act—looks set to gain significant bipartisan traction. Arizona Senator Ruben Gallego, a prominent Democrat, has indicated a potential wave of support from his party, with as many as 16 Democrats poised to back the legislation when it reaches its final voting stage.
A Political Tug-of-War
The GENIUS Act, originally met with resistance from some Democratic quarters due to concerns over consumer protection and legislative provisions, has undergone substantial revisions. These changes came about after Gallego himself spearheaded efforts to slow its progress, seeking more time to negotiate and refine the bill. In recent weeks, however, the Arizona senator has expressed optimism, noting that the collaborative efforts with Republican counterparts have yielded a “significantly different bill.”
“We’ve worked in a very honest, earnest manner with our Republican colleagues,” Gallego remarked at the Blockchain Association’s “Charting the Course: Crypto Clarity in America” summit. His sentiment underscores a rare moment of cooperation in a political landscape often marked by division. According to Gallego, the Republicans have incorporated most of the amendments proposed by the Democrats, paving the way for a robust piece of legislation that could redefine the stablecoin market in the United States. This development aligns with the broader legislative momentum, as detailed in U.S. Senate Moves Toward Action on Stablecoin Bill.
The Road Ahead: Market Structure and Beyond
The GENIUS Act’s path forward is not without its hurdles. Gallego emphasized that the bill’s success hinges on passing complementary legislation addressing the broader crypto market structure. “There’s only so much time on the calendar,” he warned, acknowledging the Senate’s upcoming focus on budget legislation and other critical issues.
Congressman French Hill, a key player in the House Financial Services Committee, echoed Gallego’s sentiments, stressing the importance of completing both the stablecoin bill and the market structure legislation. “Traditional finance people won’t partner…without clarity,” Hill explained, highlighting the necessity for explicit legal frameworks that would encourage traditional finance firms to engage with digital assets. This sentiment is echoed in U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer, which outlines the challenges lawmakers face in balancing innovation with regulation.
Despite the optimism, Gallego mentioned an August deadline as “optimistic,” suggesting that early next year, before March, might be a more realistic timeframe to finalize the legislative process without the pressure of the 2026 congressional elections looming.
A Unified Front
The call for unity within the crypto industry was also a focal point at the summit, with Blockchain Association CEO Summer Mersinger emphasizing the need for a cohesive approach in lobbying efforts. “We must speak with one strong, loud voice in Washington,” Mersinger urged, advocating for collaboration among different groups and companies to find common ground.
Wisconsin Representative Bryan Steil expressed hope that both bills could be presented to President Donald Trump by August. However, this ambitious timetable hinges on the House and Senate reconciling differences in their respective legislative proposals. South Dakota’s Dusty Johnson noted potential discrepancies between the two bodies, particularly concerning the market structure legislation, which may require further negotiation to achieve consensus.
With the House Financial Services Committee preparing for a markup on the market structure bill next Tuesday, the legislative wheels are indeed in motion. Yet, as Gallego succinctly put it, moving too hastily could lead to flawed outcomes: “If we move too fast with a shitty product, then we’re going to have a shitty vote.”
As the GENIUS Act edges closer to a decisive vote, the crypto community and lawmakers alike are watching closely. The stakes are high, not just for stablecoins but for the entire digital asset ecosystem. Whether the legislative process will culminate in a cohesive framework remains to be seen, but the potential for a landmark moment in crypto regulation is palpable.
Source
This article is based on: Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, Dem Lawmaker Says
Further Reading
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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.
