Senate Republican leader John Thune, rode to the floor of the room on Thursday morning to make a case for moving forward with Stablecoin law – marked his first significant foray on the Crypto subject while Republicans failed to keep up with what used to be a track of track.
“Stablecoins should be made in the USA, but we cannot lead to change without clarity for the changes,” Thune said in his speech on the Senate floor, delivered to the runup in a vote in the afternoon which meant to advance the debate on the guide and establishment of national innovation for US Stablecoins (Genius) Act to establish a The US regime to fix the stablecoin -gave.
“Americans are already using stablecoins and will continue to use them along with or without law,” Thune’s argument, saying that the bill will establish care against money losses and threats to national security, in addition to protecting consumers with reserve requirements.
“The Genius Act does not mean the last word in digital possessions,” the South Dakota lawmaker said, but he described it as a “first step toward bringing digital ownership to our financial system.”
Although many Democrats have expressed earlier support for the law and helped transfer it to the Senate Banking Committee with 18-6 votes, they already have Thrown out strong resistance To move forward, focusing on the personal interests of President Donald Trump and the potential conflicts gained by business relationships. Senator Ruben Gallego is in the Vanguard of this backlash, despite his close -up industry, which Supported his campaign in the Senate of 2024 with $ 10 million in advertising paid by a crypto affiliate supported by the Fairshake Political Action Committee.
The Senate is emerging to a 1:45 pm Thursday called a cloture vote, which will open a law debate-a back and forth which can occupy the days of floor hours. But that next step will need many Democrats to pass the 60-boted margin. Next to Gallego, many of the Democrats who voted for the Committee’s bill said they would oppose the cloture’s vote.
Thune made the case that Democrats should allow the bill to move to that stage so that the changes they want can be aroused in the open.
Lawmakers and staff in the Senate worked overnight in the early hours of Thursday setting concerns from democratic members, leaving some expression of doubt about how successful the vote was on what the sixth version of this Stablecoin bill was.
The House of Representative is working on a similar bill that will eventually have to dissolve this one before its law, but the Senate has long been a bottleneck for the promotion of crypto bills, and has promised a more difficult place for cleaning industry efforts.
“We have the opportunity to move the ball forward now,” Thune said. “I encourage my colleagues to pick it up.”
Read more: Dems Stall Stablecoin Bill, Jeopardizing More important Bill of Crypto regulation
