In a recent statement, Arizona Senator Ruben Gallego indicated that up to 16 Democrats may support the Senate's stablecoin bill, known as the "Guiding and Establishing National Innovation for U.S. Stablecoins of 2025" (GENIUS) Act, during its upcoming vote. Despite initial resistance from his party due to consumer protection concerns, Gallego now believes bipartisan collaboration has improved the bill. He has engaged in extensive negotiations with Republican lawmakers and noted that the latest version incorporates many of their amendments.
Gallego revealed that he initially blocked a cloture vote as Democrats sought to address their issues with the legislation, stating, "We didn’t think it was a good product." He emphasized the commitment to ensuring a stronger bill for the forthcoming vote, predicting that this time, it may receive more support than previous attempts.
The bill's passage is essential, but it is intertwined with other legislative efforts to establish a regulatory framework for the crypto market—something Gallego and other lawmakers stress is critical for progress. Congressman French Hill echoed these sentiments, warning that without addressing the market structure, traditional finance firms might hesitate to engage with digital assets.
Lawmakers are racing to pass both the stablecoin bill and market structure regulations, aiming for completion by August. Gallego cautioned that without prompt action, these initiatives might become further complicated by the upcoming election cycle. He remarked that congressional dynamics often shift during election years, making timely action even more crucial.
The House will mark up the market structure bill soon to facilitate progress. Gallego highlighted the need for unity among various industry voices to effectively navigate the legislative environment, emphasizing that differing opinions should not hinder collective efforts. Blockchain Association CEO Summer Mersinger also stressed the importance of presenting a unified front in Washington to advocate effectively for the crypto sector's interests.
Gallego revealed that he initially blocked a cloture vote as Democrats sought to address their issues with the legislation, stating, "We didn’t think it was a good product." He emphasized the commitment to ensuring a stronger bill for the forthcoming vote, predicting that this time, it may receive more support than previous attempts.
The bill's passage is essential, but it is intertwined with other legislative efforts to establish a regulatory framework for the crypto market—something Gallego and other lawmakers stress is critical for progress. Congressman French Hill echoed these sentiments, warning that without addressing the market structure, traditional finance firms might hesitate to engage with digital assets.
Lawmakers are racing to pass both the stablecoin bill and market structure regulations, aiming for completion by August. Gallego cautioned that without prompt action, these initiatives might become further complicated by the upcoming election cycle. He remarked that congressional dynamics often shift during election years, making timely action even more crucial.
The House will mark up the market structure bill soon to facilitate progress. Gallego highlighted the need for unity among various industry voices to effectively navigate the legislative environment, emphasizing that differing opinions should not hinder collective efforts. Blockchain Association CEO Summer Mersinger also stressed the importance of presenting a unified front in Washington to advocate effectively for the crypto sector's interests.
