After a suddenly difficult path for the legislative effort of the United States to regulate Stablecoin emitters, the Senate is ready to advance again with a newly polished language in the bill that can see some procedural movement as soon as Thursday.
Senate Stablecoin pushed the course a week ago when the Democrats opposed, mainly to the personal commercial interests of President Donald Trump, but the legislators continued the negotiations and it is said that they are close to an agreement on the updated text for the “guide and the establishment of national innovation for the established law” (genius), according to people familiar with conversations.
The law project would establish a federal regulatory framework for cryptocurrencies linked to the value of another asset, such as Tether’s USDT$1.00 and Circle’s USDC$0.99981And there is a similar one that makes its way through the House of Representatives.
An earlier version of the bill advanced from the Senate Banking Committee with bipartisan support earlier this year, giving the crypto sector confidence that it would probably meet with little resistance on the Senate floor. However, the text was updated and the Senate could not advance the bill to its final stage, a process known as sewage in which 60 senators must accept to bring the legislation to a debate on the open floor.
All the Democrats and two Republicans voted against (a third republican leader of the majority of the Senate John Thune, originally supported the motion of the sewage, but turned their vote in the last minute in a procedural movement to keep the legislation alive). That left Stablecoin’s bill in the legislative limbo, but the people familiar with the negotiation told Coindesk that he could soon return to normal. The next vote would probably be a procedural action to buy the legislators more time to negotiate details of the bill than a sewage motion, two of the people said.
One of the central points of the dispute for the Democrats was the growing incursions of President Trump in cryptography, particularly after the investment firm based in Abu Dhabi MGX announced that it would close its purchase of a participation in Global Exchange Binance using USD1, a stablecoin issued by World Liberty Financial, which in turn is linked to Trump.
However, it is unlikely that the text of the bill, which has not yet been published publicly, includes any provision that addresses this possible conflict of interest. Senator Gillibrand, the New York Democrat who has been working on cryptographic legislation for years, suggested in a position with the cryptographic event on Wednesday that the latest version does not yet focus directly on Trump.
“This bill has some ethical requirements that I think are really strong and very good, but it is not a bill of ethics per se, and if we were dealing with all the ethics problems of President Trump, it would be a very long and detailed bill,” he said.
She said it is “very optimistic, we will soon have a vote.”
In the same event, Senator Cynthia Lummis, the republican president of a subcommittee of digital assets in the Senate and a frequent gillibrand partner in the cryptographic regulation, argued that legislators are distracted by the “brilliant object that comes out in the corner.”
“I do not want the name of President Trump to emerge in relation to this to distract us from the important objective of having a clear regulatory structure in the United States that can obtain this industry that is being used to provide a new market for US treasures that help the world reserve coin of the World Reserve,” Lummis said.
Bo Hines, Trump’s executive director for the president’s council of advisors on digital assets, said Coindesk 2025 in Toronto on Wednesday that “the negotiations are ongoing” when asked about a possible vote on Thursday. He indicated that he believes that the legislation will continue to move.
“We’ll see,” he said.
