Stablecoin Push of the US Senate is still alive while Bill can return to the floor: Resources
After a sudden rocky road for the US legislative efforts to regulate Stablecoin issues, the Senate has prepared to re -advance the new glossy language in the bill that could see several procedure movements as soon as Thursday.
The Senate’s Stablecoin pushed the course a week ago when Democrats objected, especially in the interests of President Donald Trump’s personal business, but lawmakers continued to talk and are said to be close to an agreement with the updated text in the “guide and establishment of national innovation for US stablecoins” (genius) act, according to people who are familiar with the familiar people.
The bill will establish a federal regulatory framework for cryptocurrencies that are in the value of another possession, such as Tether’s USDT$1.00 and Circle’s USDC$0.99994And there is a similar grinding by the House of Representative.
A previous version of the bill has advanced outside the Senate Banking Committee with Bipartisan support earlier this year, giving confidence in the crypto sector that it will probably find a little resistance to the Senate floor. However, updating the text and the Senate failed to advance its bill at its final phase, a process known as a Cloture in which 60 senators had to follow to transfer the law to an open floor debate.
Each Democrat and two Republicans voted against it (a third Republican, Senate leader John Thune, originally supported the movement of the cloture but stabbed his vote at the last minute in a moving procedure to maintain law of law). That left the Stablecoin Bill at the legislative limbo, but people familiar with the negotiations told CoinDesk that it might soon return to the track. The next vote is probably an action procedure to buy lawmakers more time to arrange the details of the bill than a cloture movement, two of the people said.
One of the key points of dispute for Democrats was President Trump’s increase in crypto forays, especially after the Abu Dhabi firm announced that it would close the purchase of a stake at the Global Exchange Binance using USD1, a stablecoin issued by the World Liberty Financial, which is a Trump and his children.
However, the text of the bill, which has not been released in public, is not likely to include any provisions that respond to the potential conflict of interest. Senator Gillibrand, the New York Democrat who has been working on crypto law for many years, suggested in a Stand with the Crypto event On Wednesday the latest version was still not directly focused on Trump.
“This bill has some ethical requirements that I think are really strong and very good, but it’s not an ethical bill per SE, and if we talk about all the problems with President Trump’s ethics, it would be a very long and detailed bill,” he said.
He said he was “very optimistic we will have a vote as soon as possible.
In the same event, Senator Cynthia Lummis, the Chairman of the Republican of a subcomm committee of digital assets in the Senate and a frequent Gillibrand partner in crypto regulation, argued against lawmakers who were distracted by “shiny objects in the corner.”
“I do not want the fact that President Trump’s name is related to this to interfere with us from the important purpose of having a clear regulatory structure in the United States that could break this industry used to provide a new market for US wealth that helps the dollar stay in the global currency reserves,” Lummis said.
Bo Hines, Trump’s executive director for the presidential advisor of the President’s Digital Assets, said at the CoinDesk’s Consensus 2025 conference in Toronto on Wednesday that “negotiations were ongoing” when asked about a possible vote on Thursday. He indicated that he thinks the law is constantly moving.
“We’ll see,” he said.
