Las Vegas, Nevada-the Senate of the United States seems to be approaching its historic Stelcoin bill, the genius law, a battle, its champion Cynthia Lummis (R-Wyo.) He said he has been incredibly difficult.
“It has been extremely difficult,” Lummis said during a talk by the fire with the legal director of Coinbase Paul Grewal in Bitcoin 2025 in Las Vegas on Tuesday. “I had no idea how difficult it would be.”
Last week, the Senate voted to advance the bill, easily eliminating the 60 votes required to kick the bill at its last phase of discussion before the final vote to pass it completely. A previous attempt failed in a bipartisan way after the Senate Democrats, led by the skeptic cryptography of for a long time Elizabeth Warren (D-Mass.), As well as several Republicans, including Josh Hawley in Missouri and Rand Paul of Kentucky, voted against the coincidence.
Lummis, whose staff (together with the Copatrocator of the bill, Kirsten Gillibrand (D-New York)) has played a key role in negotiations behind the scene to approve the genius law, said he believes that the Senate has reached a final agreement. If the bill is approved, both Lummis and Senator Bill Hagerty (R-Ten.), The sponsor of the bill, said it would be the first approved legislation of the Senate Banking Committee in eight years.
“He has taken a lot of work,” Hagerty said, speaking in a separate discussion panel on Tuesday. Hagerty added that the cryptopathic skeptic senator Elizabeth Warren (D-Mass.), The main opponent of the bill, made a concerted effort to drag the procedures with the hope of stopping the progress of the legislation.
Hagerty said the bill, once approved, would be the most bipartisan legislation to approve the Senate Banking Committee in more than a decade. While supporters of the bill they see it as a victory, they are also frustrated with the difficulty of obtaining legislation in general that is approved by the committee.
“We no longer have the muscular memory to legislate. That is our work,” Lummis said. “It really is very frustrating, very exhausting, and you have to maintain your creativity, your sense of humor and your patience about you.”
Lummis added that he had “a lot of hope” that the Senate could work behind the scene with the camera in a market structure bill, noting that the camera has the advantage of “muscle memory” (after its approval of FIT21 last year) on the Senate when it comes to the next obstacle of cryptographic legislation.
