Overview
The U.S. stablecoin bill is on track for a potential vote that could lead to its passage in the Senate as early as next week. Senator Bill Hagerty, a key backer of the legislation, expressed optimism about the bill’s prospects.
Key Information
- Senators Involved: Bill Hagerty (Republican) and Kirsten Gillibrand (Democrat) have been prominent advocates for stablecoin regulation and believe the bill may advance soon.
- Legislation Challenges: Recent debates have hit obstacles, with Democrats raising concerns about consumer protection measures.
- Next Steps: A significant vote is scheduled for Monday, requiring 60 votes for the bill to progress, potentially leading to further discussions and modifications.
Quotes
“Next week, the Senate will make history when we debate and pass the GENIUS Act that establishes the first-ever pro-growth regulatory framework for payment stablecoins.” - Senator Bill Hagerty
“Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations.” - Senator Kirsten Gillibrand
Despite prior setbacks, sponsors remain hopeful that the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS) Act will pave the way for a structured regulatory framework for stablecoins, vital in the crypto trading arena.
