A key stablecoin legislation bill has faced a minor setback, but its passage is still expected. The Guiding and Establishing National Innovation in U.S. Stablecoins of 2025 (GENIUS Act) will pass the Senate in the coming weeks, according to Digital Chamber CEO Cody Carbone.
Carbone stated that the delay was temporary and emphasized bipartisan support for comprehensive stablecoin regulations. He argued that these regulations would protect US dollar hegemony in global markets, addressing concerns over crypto influence on financial institutions.
The bill’s failure to pass a procedural vote in the Senate on May 8 was attributed to Democratic lawmakers’ withdrawal of support due to ethics concerns surrounding President Donald Trump’s involvement in crypto. Industry executives now suggest that the latest version of the bill could pass by the end of May.
Carbone remains optimistic about the bill’s prospects, stating that negotiations have continued and the legislation is expected to receive another vote soon. The GENIUS Act is seen as crucial for maintaining a positive regulatory environment for the crypto markets and preventing a downturn in value.
Source: https://cointelegraph.com/news/stablecoin-bill-likely-pass-senate-several-weeks-digital-chamber