Las Vegas, Nevada-the US Senate seems to be close to the passage of the Landmark Stablecoin Bill, the Genius Act-a battle champion Cynthia Lummis (R-Wyo.) Is said to be incredibly difficult to fight.
“This is very difficult,” Lummis said in a flame of Coinbase, Paul Grewal’s chief legal officer in Bitcoin 2025 in Las Vegas on Tuesday. “I have no idea how hard it is.
Last week, the Senate voted to advance the bill, it was easy to clean the 60-ball threshold needed to kick the bill at the final stage of the discussion before the final vote to pass it on to the body in full. An earlier attempt failed on a bipartisan basis after Senate Democrats, led by long-term skepticism Elizabeth Warren (D-Mass.), As well as some republicans including Missouri Josh Hawley and Kentucky’s Rand Paul, voted against Cloture.
Lummis, whose staff (co-sponsor of the bill Kirsten Gillibrand (D-New York)) plays an important role in the negotiations behind the Genius Act, said he thinks the Senate has reached a final deal. If the bill passed, both Lummis and Sen. Bill Hagerty (R-tenn.), The sponsor of the bill, said it would be the first piece of law passed from the Senate Banking Committee for eight years.
“It took a huge amount of work,” said Hagerty, who spoke in a separate panel discussion on Tuesday. Hagerty added that Crypto’s long-standing crypto Sen. Elizabeth Warren (D-Mass.), The main opponent of the bill, has made a joint effort to drag the proceedings in the hope of stopping the development of the law.
Hagerty said the bill, which had previously passed, was the most part of the law to pass the Senate banking committee for a decade. While supporters of the bill see that as a win, they also failed the difficulty of obtaining the law generally passing the committee.
“We don’t have a muscle memory anymore. That’s our job,” Lummis said. “It’s really frustrating. It’s tedious, and you have to keep your creativity, your sense of humor and your patience about you.”
Lummis added that he was “very hopeful” the Senate could work behind the scenes with the house in a market structure bill, noting that the Chamber had the advantage of “muscle memory” (following its passing FIT21 last year) in the Senate when it came to the next obstruction of Crypto law.
