Despite the recent setbacks, US legislation to regulate Stablecoin issues can be directed towards the debate and the passage next week, according to the sponsors of the bill known as the Law of “Guide and establishment of national innovation for the EEs of the United States.” (Genius) Law.
“Next week, the Senate will make history when we debate and approve the genius law that establishes the first regulatory framework in favor of the growth for payment status,” said Senator Hagerty, a Republican from Tennessee who sponsored the bill to establish standards of the United States for Stablcoins, which are typically tokens based on dollars as Circle’s’s’s’s’s’s’s.
and Tether that are vital for the commercial activity of cryptography.
The last draft of the bill began circulating this week, and a copy seen by Coinndesk showed that the language had been adjusted modestly to help satisfy the Democrats related to consumer protection and the national security elements. In addition, the bill insisted that large public companies as a goal would not be approved as tokens issuers, although consumer defenders warned that private companies such as Elon Musk X’s social media site would be eligible.
Hagerty matched his statement with one of Senator Kirsten Gillibrand, the New York Democrat who has also promoted this legislation. His feeling carried what could have been a less confidence tone about the result, and the two legislators have a wide reason to put a strong public face in a negotiation that faces winds against.
“Stablecoins are already playing an important role in the global economy, and it is essential that the United States promulgation legislation that protects consumers, while allowing responsible innovations,” Gillibrand said in the statement, arguing that “solid consumer protections” are included in the latest version. “The elaboration of this bill has been a real bipartisan effort, and I am optimistic that we can spend it in the next few days.”
The Senate has experienced considerable volatility in the bill in the last two weeks, with its recent failure to eliminate a so -called clotura vote that would have transferred it to a formal debate. He goes to a second vote on Monday in which he needs 60 votes to move forward, which would need to include several Democrats. The Senate would have time to continue discussing the language and possibly make changes before passing the bill.
The Democrats had criticized their potential for abuse and for the participation of Stablecoin of the corporate giants, but the greatest stench has risen around the interest of President Donald Trump in cryptographic business, including the Stablecoin game of World Liberty Financial.
Read more: the Stablecoin thrust of the US Senate
An earlier version of the bill had easily advanced outside the Senate Banking Committee with a bipartisan vote before some of the same Democrats who approved it later raised objections. But the Senate has more friendly Democrats with cryptocurrencies in this session than the previous one, when the Senate Banking Committee denied any progress by cryptography law.
The House of Representatives is also working on its own version, which would have to merge with the Senate before Trump can sign the new standards in the law. Representative French Hill, the Republican President of the Chamber Financial Services Committee, recognized the 2025 consensus in Toronto that Trump’s participation has added friction to the negotiations of legislators.
Read more: Trump Memecoin, Crypto Stake makes the legislation “more complicated”: French hill rep.
