US Senators Gillibrand and Lummis discussed the progress of the Genius Act, a stablecoin legislation bill, during a Consensus event in Toronto. They expressed optimism about passing the bill by Memorial Day (May 26).
Congressman French Hill, Chair of the House Financial Services Committee, also reaffirmed expectations that both bills could be ready for the President’s signature before August recess. However, he noted potential risks, including ongoing confirmation hearings and concerns over Senate floor time.
Senator Gillibrand highlighted refinements in the latest bill on consumer protection, bankruptcy, and ethics, as well as consideration of domestic and foreign stablecoin issuers. She emphasized bipartisan support for the bill.
The topic of President Trump’s crypto interests was also discussed. Senators stressed that the need for a stablecoin bill should not be distracted by Trump’s activities. Senator Gillibrand argued that some family members or blind trusts could participate without compromising ethics rules.
Congressman French Hill noted similarities between House and Senate concerns, despite politics surrounding Trump’s memecoin. He believes constructive work is being done behind the scenes to find consensus.
The discussion also touched on the broader impact of stablecoins, with expectations for both institutional and retail use cases.
Source: https://www.ledgerinsights.com/senators-believe-us-genius-act-will-be-approved-within-ten-days