LAS VEGAS, Nevada — The U.S. Senate appears on the verge of passing an important piece of legislation pertaining to stablecoins, named the GENIUS Act. Senator Cynthia Lummis (R-Wyo.) indicated that this has been a challenging journey.

“It has been extremely difficult,” Lummis remarked during a discussion with Coinbase’s Chief Legal Officer Paul Grewal at Bitcoin 2025 in Las Vegas on Tuesday. “I had no idea how hard this was going to be.”
_Translation: “It has been extremely difficult,” Lummis remarked during a discussion with Coinbase’s Chief Legal Officer Paul Grewal at Bitcoin 2025 in Las Vegas on Tuesday. “I had no idea how hard this was going to be.”

Recently, the Senate voted to move the bill forward, surpassing the needed 60 votes to enter the final discussion stage before a complete vote is held. Previous attempts saw bipartisan opposition, particularly from Senate Democrats, led by critic of cryptocurrency Elizabeth Warren (D-Mass.), alongside Republicans like Josh Hawley and Rand Paul.

Lummis, along with staff from bill co-sponsor Kirsten Gillibrand (D-NY), has been instrumental in facilitating negotiations to pass the GENIUS Act. She expressed optimism about a final agreement being within reach. Lummis and Senator Bill Hagerty (R-Tenn.) noted that if successful, this would mark the first legislative output from the Senate Banking Committee in eight years.

“It’s taken a tremendous amount of work,” Hagerty noted in a separate panel discussion. “Warren has notably tried to delay the process in her opposition.”
_Translation: “It’s taken a tremendous amount of work,” Hagerty noted in a separate panel discussion. “Warren has notably tried to delay the process in her opposition.”

Hagerty anticipates that the bill, if passed, will be the most bipartisan effort to clear the Senate Banking Committee in over a decade. While supporters view this as progress, they voice concerns over the overall difficulty in passing legislation through the committee.

“We no longer have the muscle memory for legislation,” Lummis said. “This is, frustrating and exhausting; we must maintain our creativity, humor, and patience.”
_Translation: “We no longer have the muscle memory for legislation,” Lummis said. “This is, frustrating and exhausting; we must maintain our creativity, humor, and patience.”

Lummis expressed her hopes for collaborating with the House on a market structure bill, recognizing that the House’s recent passage of FIT21 gives them an advantage in this next phase of crypto law advancements.