Key Points:

• Senator Ruben Gallego indicates substantial bipartisan support for the Senate’s stablecoin bill, thanks to Republicans adopting numerous Democratic amendments.
• Both the stablecoin bill and market structure legislation must pass for the initiative to move forward.

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In Washington, D.C., Senator Ruben Gallego mentioned that up to 16 Democrats are likely to support the Senate’s stablecoin bill during its final voting phase. The “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS) Act experienced setbacks as Gallego led a faction of Democrats against voting for advancing the proposal due to concerns regarding consumer protection and other issues.

However, within a short timeframe, Gallego returned to support advancing the proposal, stating that the collaboration with Republicans was earnest and productive. “They adopted a lot of the amendments we were proposing,” he highlighted.

Gallego asserts that the bill is fundamentally changed and aims to achieve bipartisan backing in the upcoming week. He has called for swift passage to avoid complications by the next congressional elections.

Gallego also emphasized the necessity for market structure legislation to work closely with the stablecoin bill, noting that traditional finance sectors require clarity in regulations to engage with digital assets.

Representative French Hill echoed this sentiment, underlining the urgency of passing both bills to avoid returning to less regulated conditions due to the absence of tailored laws.