Washington, DC – Up to 16 Democrats can vote in favor of the Senate Stablecoin bill when it reaches its final set of votes in the legislative agency, Arizona Senator Ruben Gallego said Thursday.
The Law of “Guide and establishment of national innovation for US stabilizations of 2025” (genius) faced winds against last month after Gallego directed a group of Democrats against the vote of the sewage, a procedural obstacle that would advance the legislation, citing concerns about consumer protection and other provisions.
However, in a week and a half, Galician and other Democrats who had deserted the vote turned, and Arizona’s legislator told Coindesk that he predicted that his colleagues would continue to advance from the Senate.
“We have worked in a very honest and sincere way with our republican colleagues, [and] We believe they have been doing the same, “he said in an interview.” They adopted many of the amendments, most of the amendments we have been adding. “
“It is a significantly different bill,” he said.
He said he directed his colleagues to block the first vote of the sewage “because we did not believe it was a good product,” and the Democrats needed more time to solve the problems they had with the legislation.
Later, Gallego later said at the summit of the Blockchain Association “Charring the Course: Crypto Clarity in America” that he had spent “hours and end hours” personally negotiating the language with other legislators, but the Republican team took out a “power game” to boost an unfinished version towards a vote on the floor of the Senate. “They tried to get stuck,” he said.
So he took his colleagues in a brief effort to stop things and ask for some changes, he said.
‘Good product’
“I really wanted to bring a good product to the floor,” Gallego said. And until now, their Republican counterparts “have been honoring everything we agreed.”
If that continues, the bill should reach a final vote next week that obtains a great bipartisan approval, Gallego said, which he holds could show even more support than the previous procedure votes.
Even if the bill is with success, as expected, it does not work without also approving the legislation to establish regulations for the structure of the broader cryptographic markets.
He added that he hoped that the legislation of the market structure would work bipartisously, noting that, although the Stablecoin bill is likely to advance through Congress, “there is only a long time in the calendar” to overcome other bills. The Senate will have to assume the budget legislation at some point, in addition to any bill of market structure that finally presents.
“The camera’s product has to be strong,” said Gallego, and that will direct what happens in the Senate. “We don’t want to start from the square one.”
Deadline ‘Optimistic’
Gallego suggested that an August deadline is optimistic and added that while it is done at the beginning of next year, before March, it may not be contaminated by the elections of the congress next year.
“We all become animals during the electoral cycle,” he said about his colleagues in Capitol Hill.
Congressman French Hill, who runs the Chamber Financial Services Committee, agreed with Gallego to finish both bills is vital.
“I will not return to [former Securities and Exchange Commission Chair] Gary Gensler, “said Hill.” But if we do not approve both bills, we are potentially to that whim at any time “, to return to the interpretation of regulators operating without personalized laws.
Without market structure legislation, traditional financial companies and the general public may not be so willing to deepen the digital asset sector, he said.
“The people of traditional finance are not associated, not custody, will not act as a corridor, will not act as a distributor, will not hire it to create an entry ramp or exit.
Hill said that the legislators of the parties and the cameras still have the opportunity to move the bills in August, “if we cooperate between us.”
The Congress will try to transfer both bills to President Donald Trump’s desk in August, said Wisconsin Bryan Steil representative. Dusty Johnson, who represents South Dakota, said there may be some differences of opinion between the Chamber and the Senate on at least the legislation of the market structure.
“We can take the genius, but I don’t think they necessarily take our Lock, Stock and Barrel clarity law,” Johnson said in the event.
Chamber and Senate bill must be identical before the president can sign them. Any of the legislative agencies would have to sign the work of the other organism, or the two organisms would have to negotiate any difference.
‘A strong and strong voice’
The Financial Services Committee of the House of Representatives will have a margin margin in the market structure bill next Tuesday.
“We have a lot of work that we have to do,” said Gallego, noting that stretching the process at the beginning of next year still works.
“If we move too fast with a shit product, then we will have a shit vote,” he said.
The cryptographic industry must also be more unified in how legislators approaches, said the CEO of Blockchain Association, Summer Mersinger, in its first public appearance on the role since the trade commission of futures of the basic products left.
“We must speak with a strong and strong voice in Washington,” he said. “Talking with one voice does not mean that we all have to think in the same way or we have to agree on each topic.”
However, the different groups and companies that press Washington should find common land, he said.
Read more: Stablecoin’s law projects in the Chamber and the Senate still need to fight at several points: French Hill
