The Senate Stablecoin Bill is likely to win massive Bipartisan support, says Dem lawmaker

Washington, DC – The number of 16 Democrats may vote in favor of the Senate bill when it reaches the final set of votes on the legislative body, Arizona Senator Ruben Gallego said Thursday.

The “Guide and Establishment of National Innovation for the US Stablecoins of 2025” (Genius) Act faced headwinds last month after Gallego led a group of democrats against voting for cloture, a method of obstruction that would promote law, citing concerns about consumer protection and other provisions.

Within a week and a half, however, Gallego and other democrats have That -defect from the vote to flipAnd Arizona lawmaker told CoinDesk that he predicted that his colleagues would continue to advance it in the Senate.

“We worked in an honest, earnest way to our Republican colleagues, (and) we think they are both doing it,” he said in an interview. “They adopted a lot of amendments, most of the amendments we added.”

“This is a significant different fee,” he said.

He said he was leading his colleagues in blocking the first cloture’s first vote “because we didn’t think it was a good product,” and Democrats need more time to fix the issues they have in law

Gallego later told the Blockchain Association “Charting the Course: Crypto Clarity in America” ​​Summit that he spent “time and time ending” personally talking to the language with other lawmakers, but the Republican team pulled a “power play” to push an unfinished version to a vote on the Senate floor. “They tried to jam,” he said.

So he led his colleagues with a brief effort to slow things down and ask for some changes, he said.

‘Good product’

“I really want to bring a good product to the floor,” Gallego said. And so far, his Republican counterparts have “honored everything we have agreed to.”

If this continues, the bill should come to a final vote next week getting the basic approved bipartisan, Gallego said, which he is arguing may show more support than previous votes in the procedure.

Although the bill meets success, as he hopes, it does not work without passing the law to set up regulations for the structure of greater crypto markets.

He added that he hopes that the market structure of the market will work in a bipartisan way, to note that while the Stablecoin bill is likely to be led by Congress, “so much time on the calendar” to work through other bills. The Senate will have to obtain budget law at some point, in addition to whatever the market structure is eventually introduced.

“The house product needs to be strong,” Gallego said, and it directs what will happen to the Senate. “We don’t want to start from the square.”

The ‘optimistic’ deadline

Gallego suggested that an August deadline would be optimistic and added that as long as it is done early next year, before March, it may not hurt the election in Congress next year.

“We all became like animals during the election cycle,” he said of his colleagues at Capitol Hill.

Congressman French Hill, who operates the House Financial Services Committee, agreed to Gallego that the conclusion of both bills is important.

“I’m not going back to (former chair of Securities and Exchange Commission) Gary Gensler,” Hill said. “But if we do not pass the same bills, we will be potentially at any moment,” to return to the interpretation of regulators who operate without laws.

Without market structure law, traditional financial companies and the general public may not be willing to offer the digital assets sector, he said.

“Traditional financial people are not partnering, not to be careful, will not act as a broker, will not act as an entrepreneur, you will not be accepted to create an on-ramp or off-ramp.

Hill said lawmakers from both parties and rooms still have the opportunity to transfer bills in August, “if we work with each other.”

Congress will try to transfer the same bills to President Donald Trump’s desk in August, Wisconsin representative Bryan Steil said. Dusty Johnson, who represents the South Dakota, said there may be some differences of opinion between the House and the Senate to the least market structure law.

“We can take genius, but I don’t think they’ll need to do our Clarity Act Lock, stock and barrel,” Johnson said at the event.

The bills from the Chamber and the Senate must be the same before the President can sign them to the law. Either one of the legislative bodies will need to sign off the work of another body, or the two bodies will need to organize any difference.

‘A strong, loud voice’

The House Financial Services Committee will hold a markup on the market structure bill next Tuesday.

“We have a lot of work that we have to do,” Gallego said, noticing that the stretch of the process at the beginning of the next year was still working.

“If we move quickly to a shitty product, we will have a shitty vote,” he said.

The crypto industry also needs to be more united in how it approaches lawmakers, Blockchain Association CEO Summer Mersinger said of its first public appearance on paper since leaving the Commodity Futures Trading Commission.

“We should talk to a loud, loud voice in Washington,” he said. “Talking in a voice does not mean that we all have to think the same way or we need to agree on each issue.”

However, various groups and companies that launch Washington should find the standard basis, he said.

Read more: Stablecoin bills at home and senate still need mesh at some point: French Hill